Oil prices fall as investors await OPEC+ policy

Oil prices fell on Thursday as investors cashed in on a recent rally ahead of a key producers meeting later in the day.

Brent crude was down $2.07, or 1.8%, at $114.22 a barrel at 0649 GMT, having risen 0.6% the previous day.

U.S. West Texas Intermediate (WTI) crude dropped $2.21, or 1.9%, to $113.05 a barrel, after a 0.5% rise on Wednesday.

The benchmarks have marched higher for several weeks as Russian exports have been squeezed by EU and U.S. sanctions against Moscow over its invasion of Ukraine, actions that Russia calls a “special operation”.

Five OPEC+ sources said on Wednesday that OPEC was set to stick to its modest monthly increases in oil output, despite seeing tighter global markets.