Oil prices drop on world markets
Oil prices fell on Thursday as investors cashed in on a recent rally ahead of a key producers meeting later in the day, with some speculation that Saudi Arabia may boost oil production in response to urging by the United States, News.Az reports citing Reuters.
Brent crude was down $2.08, or 1.8%, at $114.21 a barrel at 0410 GMT, having risen 0.6% the previous day.
U.S. West Texas Intermediate (WTI) crude dropped $2.25, or 2.0%, to $113.01 a barrel, after a 0.5% rise on Wednesday.
The benchmarks have marched higher for several weeks as Russian exports have been squeezed by EU and U.S. sanctions against Moscow.