Mubasher: Oil prices fell on Thursday, amidst uncertainty regarding the production policy by OPEC.

The Organization of the Petroleum Exporting Countries (OPEC) and other major producers led by Russia are holding a summit in Vienna, as are expected to announce a production cut on Friday, however, the output cut could be less than previously expected.

The Energy Information Administration (EIA) said in its weekly report on Thursday that crude oil inventories in the United States fell by 7.3 million barrels in the week ended 30 November.

Nymex futures for January delivery lost 2.7% and settled at $51.49 per barrel, while Brent crude declined by 2.3% to trade at $60.16 a barrel.