Oil falls as US inventory rises
Oil prices extended losses in Asia on Thursday following a rise in US commercial crude stockpiles,while traders turned cautious ahead of a producers' meeting. A warning by the Organisation of the Petroleum Exporting Countries that the world remains oversupplied also dampened sentiment as key producer nations prepared to gather in Doha for Sunday's talks on freezing output.
US benchmark West Texas Intermediate for delivery in May was down 47 cents, or 1.13 per cent, at $41.29 and Brent crude for June dropped 48 cents, or 1.09 percent, to $43.70 a barrel.
Prices shot to 2016 highs Tuesday on the back of news that OPEC kingpin Saudi Arabia and non-OPEC producer Russia had reached a consensus to freeze output, stoking hopes of a wider deal in Doha.