Oil prices were moving lower on Thursday as OPEC and Russia resume talks today to agree on policies for 2021.
Benchmark Brent crude slipped 0.2 percent to $48.17 a barrel, after having gained 1.8 percent on Wednesday. West Texas Intermediate Crude oil futures were down 0.4 percent at $45.05.
Major oil producers including Saudi Arabia and Russia are set to meet again today after earlier talks on Monday ended without an agreement on extending production cuts to tackle weak oil demand.
Markets have largely priced in rolling over current cuts for an additional three months.
On the Covid-19 front, Britain approved Pfizer Inc’s Covid-19 vaccine on Wednesday, clearing the way for mass inoculation.
The U.S. FDA is holding its advisory committee next week to confirm a vaccine rollout plan, while the European Medicines Agency is likely to give emergency approval on December 29th.
Data from Energy Information Administration (EIA) on Wednesday showed crude inventories in the U.S. fell by 679,000 barrels last week.
Distillate stockpiles were up 3.238 million barrels in the week, while gasoline inventories increased by 3.491 million barrels.