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Oil falls nearly 1% on oversupply concerns, U.S. jobless data

Oil fell on Thursday after Reuters reported OPEC+ needed to address daily oversupply of more than 2 million barrels, and the number of U.S. unemployment benefit claims rose unexpectedly, signalling a slow economic recovery.

Brent crude fell $1.24, or 2.7%, to $44.13 a barrel, and West Texas Intermediate crude settled 35 cents, or 0.82%, lower at $42.58 per barrel.

A firmer U.S. dollar, which makes oil more expensive for holders of other currencies, also put pressure on prices, analysts said, leaving them stuck in a narrow trading range.

Oil prices have been rangebound since mid-June, with Brent trading from $40 to $46 per barrel and WTI between $37 and $43.

Reference: CNBC