By Trend

Oil prices declined on Thursday as market participants awaited a key meeting by major oil producers, Trend reports citing Xinhua.

The West Texas Intermediate (WTI) for November delivery decreased 92 cents, or 1.1 percent, to settle at 81.23 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 83 cents, or 0.9 percent, to settle at 88.49 dollars a barrel on the London ICE Futures Exchange.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, is set to meet next week and discuss future output strategy.

On Wednesday, the WTI and Brent rallied 4.65 percent and 3.54 percent, respectively, supported by easing U.S. dollar and a drop in U.S. fuel inventories.