<p>Oil prices extended losses on Thursday as investors braced for more supplies following a compromise between top OPEC producers and as US fuel stocks rose last week, raising concerns about demand at the world's largest consumer.</p>.<p>Brent crude futures for September dropped 44 cents, or 0.6 per cent, to $74.32 a barrel by 0053 GMT while US West Texas Intermediate (WTI) crude for August was at $72.61 a barrel, down 52 cents, or 0.7 per cent.</p>.<p>Both benchmarks slid 2 per cent on Wednesday after Reuters reported that Saudi Arabia and the UAE reached a compromise that should pave the way to a deal to supply more crude to a tight oil market and cool soaring prices.</p>.<p>Talks among the Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, broke down earlier this month after the UAE objected to extending the supply cut deal beyond April 2022.</p>.<p>"The deal will take some time to get finalized, but it seems the UAE will be allowed to produce more output next year," OANDA analyst Edward Moya said in a note.</p>.<p>"It seems OPEC+ will shortly have a plan to raise output and that is welcomed news as surging demand had oil market getting too tight."</p>.<p>In the United States, crude stockpiles fell for the eighth straight week last week, but gasoline and diesel inventories rose despite a drop in refinery utilization rates, data from the Energy Information Administration showed on Wednesday.</p>.<p>The large drawdown in crude stocks did little to boost oil prices as traders focused on the first rise in total petroleum stocks since early June, Moya said.</p>
<p>Oil prices extended losses on Thursday as investors braced for more supplies following a compromise between top OPEC producers and as US fuel stocks rose last week, raising concerns about demand at the world's largest consumer.</p>.<p>Brent crude futures for September dropped 44 cents, or 0.6 per cent, to $74.32 a barrel by 0053 GMT while US West Texas Intermediate (WTI) crude for August was at $72.61 a barrel, down 52 cents, or 0.7 per cent.</p>.<p>Both benchmarks slid 2 per cent on Wednesday after Reuters reported that Saudi Arabia and the UAE reached a compromise that should pave the way to a deal to supply more crude to a tight oil market and cool soaring prices.</p>.<p>Talks among the Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, broke down earlier this month after the UAE objected to extending the supply cut deal beyond April 2022.</p>.<p>"The deal will take some time to get finalized, but it seems the UAE will be allowed to produce more output next year," OANDA analyst Edward Moya said in a note.</p>.<p>"It seems OPEC+ will shortly have a plan to raise output and that is welcomed news as surging demand had oil market getting too tight."</p>.<p>In the United States, crude stockpiles fell for the eighth straight week last week, but gasoline and diesel inventories rose despite a drop in refinery utilization rates, data from the Energy Information Administration showed on Wednesday.</p>.<p>The large drawdown in crude stocks did little to boost oil prices as traders focused on the first rise in total petroleum stocks since early June, Moya said.</p>