Oil prices fell on Thursday as crude exporters in OPEC appeared to be nearing a deal to increase production.
U.S. West Texas Intermediate crude ended Thursday's session down 17 cents at $65.54, bouncing off a session low of $64.34 a barrel.
Benchmark Brent crude fell $1.69, or 2.3 percent, to $73.05 a barrel by 3:10 p.m. ET, just above a session low of$72.94.
WTI got a boost after energy information provider Genscape said crude inventories at the key Cushing, Oklahoma hub were expected to have dropped by 2.3 million barrels in the week since Tuesday, according to traders who saw the report. That alleviates some concerns that surging U.S. production would outstrip demand.
Brent reached a 3½-year high above $80 a barrel last month but has fallen steadily in recent weeks as Saudi Arabia, de facto leader of OPEC, has signaled it intends to raise production to stabilize prices.