Crude prices pulled back from earlier session highs reached after Saudi Arabia's OPEC Governor Adeeb Al-Aama said in a statement that the kingdom expects crude exports to drop by roughly 100,000 bpd in August as it limits excess production.
OPEC and non-OPEC producers cut oil output in June by 20 percent more than agreed levels, compared to 47 percent in May, two sources familiar with the matter told Reuters on Wednesday.
Global oil prices also faced downward pressure from the news that a worker strike at Norwegian drilling rigs has ended and continued talk from Russia and Saudi Arabia of meeting supply needs.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more