Oil prices extend losses on expected supply increase

LONDON: Oil prices fell on Thursday, extending losses as investors braced for increased supplies after a compromise deal between leading OPEC producers and as U.S. fuel stocks rose, raising concerns over demand in the world's largest consumer.

Brent crude dropped $1.13, or 1.5%, to $73.63 a barrel by 1104 GMT and U.S. West Texas Intermediate (WTI) crude was down $1.29, or 1.8%, at $71.84. Both benchmarks slid more than 2% on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates (UAE) had reached a compromise that should pave the way for a deal to supply more crude to a tight oil market and cool soaring prices.