Oil prices fell more than 2 percent towards $77 a barrel on Friday as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014.
Russian Energy Minister Alexander Novak and Saudi counterpart Khalid al-Falih met in St. Petersburg to review the terms of the global oil supply pact that has been in place for 17 months.
The ministers, along with their counterpart from the United Arab Emirates, discussed an output increase of about 1 million barrels per day (bpd), sources told Reuters.
Brent crude futures fell $1.99, or 2.5 percent, to $76.80 per barrel at 8:37 a.m. ET (1237 GMT), falling further from this month's peak of $80.50, the highest level since November 2014.
U.S. West Texas Intermediate (WTI) crude futures were down $2, or 2.8 percent, at $68.71 a barrel.