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LONDON: Oil prices fell for a third day on Thursday amid uncertainty over supply after the collapse this week of talks among major producers which could potentially cause the current output agreement to be abandoned.
Brent crude oil futures was down $1.11, or 1.5 percent, to $72.32 a barrel at 0821 GMT, while US West Texas Intermediate futures were down $1.19, or 1.6 percent, at $71.01 a barrel. Both contracts were at their lowest in about three weeks.
However, the six-month spread is still in backwardation with the front-month price higher than later months.
“This suggests that no immediate flooding of the market is anticipated,” PVM analysts said in a note.
Brent prices have fallen about $5 a barrel, or 6.4 percent, since Monday’s close after talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, fell apart.
Concerns over the pandemic also weighed on prices, with Japan, the world’s fourth-largest oil user, set to declare a state of emergency for the Tokyo area and South Korea reporting its highest ever daily COVID-19 cases. Prices found some support from a large drop in oil inventories in the United States.