Oil prices fell on Thursday as investors await the meeting between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members due later in the day.
International benchmark Brent crude was trading at $114.47 per barrel at 0610 GMT for a 1.57% decrease after closing the previous session at $116.29 a barrel.
American benchmark West Texas Intermediate (WTI) was at $113.30 per barrel at the same time for a 1.70% loss after the previous session closed at $115.26 a barrel.
Energy and oil ministers of OPEC led by Saudi Arabia and the 10 non-OPEC oil producing countries led by Russia will gather to discuss supply policy for July.
For June, the OPEC+ group had decided to increase production by approximately 432 thousand barrels per day. The organization's latest monthly oil market report showed that OPEC crude oil production averaged 28.65 million bpd in April.
Meanwhile, US crude oil stocks declined by 1.18 million barrels for the week ended May 26, the American Petroleum Institute forecasts on Wednesday.
Decline in stockpiles is in line with higher demand for fuel during the summer months.
Investors now await crude oil stock and supply data from the US Energy Information Administration, a day later than usual due to Memorial Day weekend.
By Zeynep Beyza Kilic
Anadolu Agency