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Oil falls 1% as market eyes increased supplies

Oil prices fell more than 1% on Thursday, extending losses as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose, raising concerns about demand in the world's largest consumer.

Brent crude futures for September dropped 91 cents, or 1.2%, to $73.85 a barrel by 0640 GMT while U.S. West Texas Intermediate (WTI) crude for August was at $72.11 a barrel, down $1.02, or 1.4%.

Both benchmarks slid more than 2% on Wednesday after Reuters reported that Saudi Arabia and the 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.

Reference: Reuters