Oil prices inched lower on Thursday after solid gains the day before, pressured by data showing a smaller-than-expected decline in US crude stockpiles. Front-month Brent crude futures, the international benchmark for oil prices, were down 0.4 percent at $63.60 per barrel. Brent closed up 2.3 per cent on Wednesday. US West Texas Intermediate (WTI) crude futures were down 0.3 per cent at $57.18 per barrel. WTI closed up 1.9 per cent on Wednesday. But crude prices were underpinned after the Organization of the Petroleum Exporting Countries and other producers such as Russia, a group is known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020.
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