<p>Oil prices fell on Thursday as major producers warned of a risk to the recovery in demand if the coronavirus crisis is prolonged, while US crude inventories dropped less than expected.</p>.<p>Brent crude was down 28 cents, or 0.6 percent, at $45.09 by 0049 GMT after slipping 0.2 percent in the previous session.</p>.<p>US oil was down 31 cents, or 0.7 percent, at $42.62 a barrel, after inching higher on Wednesday.</p>.<p>Stockpiles of crude in the United States fell last week for a fourth straight week, even as net imports rose. However, the 1.6 million barrel decline was less than a Reuters poll showing expectations for a 2.7 million barrel fall.</p>.<p>Still, stockpiles are expected to continue declining, according to analysts.</p>.<p>"We expect that total crude stocks will continue to head towards their five-year average in the weeks ahead as US production remains subdued," Capital Economics said in a note.</p>.<p>Fuel demand was down 14 percent from the year-earlier period over the last four weeks, Energy Information Administration data showed.</p>.<p>Global oil demand should recover to pre-pandemic levels as soon as the fourth quarter, the Saudi Energy Minister said on Wednesday, while urging partners to comply with a deal to cut output.</p>.<p>He was speaking at a virtual meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia - a grouping known as OPEC+. The meeting was reviewing compliance with production cuts and left output reductions unchanged.</p>.<p>A draft OPEC+ statement, seen by Reuters, said a second extended wave of the pandemic posed a major risk for the oil market recovery.</p>.<p>The group pressed members such as Nigeria and Iraq to do more to meet their quotas after they exceeded them between May and July.</p>.<p>OPEC alone in the past decades generally produced well over 30 million barrels per day (bpd) of oil but after this year's cuts its output stood at 20-22 million bpd.</p>
<p>Oil prices fell on Thursday as major producers warned of a risk to the recovery in demand if the coronavirus crisis is prolonged, while US crude inventories dropped less than expected.</p>.<p>Brent crude was down 28 cents, or 0.6 percent, at $45.09 by 0049 GMT after slipping 0.2 percent in the previous session.</p>.<p>US oil was down 31 cents, or 0.7 percent, at $42.62 a barrel, after inching higher on Wednesday.</p>.<p>Stockpiles of crude in the United States fell last week for a fourth straight week, even as net imports rose. However, the 1.6 million barrel decline was less than a Reuters poll showing expectations for a 2.7 million barrel fall.</p>.<p>Still, stockpiles are expected to continue declining, according to analysts.</p>.<p>"We expect that total crude stocks will continue to head towards their five-year average in the weeks ahead as US production remains subdued," Capital Economics said in a note.</p>.<p>Fuel demand was down 14 percent from the year-earlier period over the last four weeks, Energy Information Administration data showed.</p>.<p>Global oil demand should recover to pre-pandemic levels as soon as the fourth quarter, the Saudi Energy Minister said on Wednesday, while urging partners to comply with a deal to cut output.</p>.<p>He was speaking at a virtual meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia - a grouping known as OPEC+. The meeting was reviewing compliance with production cuts and left output reductions unchanged.</p>.<p>A draft OPEC+ statement, seen by Reuters, said a second extended wave of the pandemic posed a major risk for the oil market recovery.</p>.<p>The group pressed members such as Nigeria and Iraq to do more to meet their quotas after they exceeded them between May and July.</p>.<p>OPEC alone in the past decades generally produced well over 30 million barrels per day (bpd) of oil but after this year's cuts its output stood at 20-22 million bpd.</p>