Tokyo/London — Oil prices fell on Thursday as producers, including Saudi Arabia and Russia, locked horns over the need to extend record production cuts set in place during the first wave of the Covid-19 pandemic.

Brent crude was down 26c, or 0.54%, at $47.99 a barrel by 9.50am GMT, after gaining 1.08% on Wednesday. US West Texas Intermediate (WTI) oil fell 33c, or 0.73%, to $44.95 a barrel, having ended the previous session 1.6% higher...

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