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Crude oil prices fell to the lowest levels in the last four weeks on Thursday, as the Organisation of Petroleum Exporting Countries and its allies (OPEC+) agreed at a meeting to stick to plans to raise oil output by 400,000 barrels per day from December.
Brent crude futures erased some gains to trade at $81 a barrel, approaching its lowest level in four weeks and sitting almost four per cent below a 3-year high reached last week.
WTI crude futures fell below $80 a barrel on Thursday, the lowest in nearly three weeks and moving further away from a 7-year high reached last week.
The OPEC+ agreement was in line with market expectations despite calls from the United States for extra supply to cool rising prices.
Meanwhile, Iran announced that it is scheduled to resume negotiations on a nuclear deal with western nations on November 29, in a bid to remove US-imposed sanctions, which could increase global oil supplies. Adding pressure on prices, US crude supplies have been rising more than expected for the past two weeks.