Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting

Oil prices fell by around $3 a barrel in early Asian trade on Thursday as investors cashed in on a recent rally with a key producers meeting later in the day set to pave the way for expected output increases.

Brent crude was down $2.76, or 2.4%, at $113.53 a barrel at 0024 GMT, having risen 0.6% the previous day. US West Texas Intermediate (WTI) crude dropped $2.89, or 2.9%, to $112.37 a barrel, after a 0.5% rise on Wednesday.