The abrupt reversal interrupted a surge in the American benchmark from less than $50 a barrel last fall to over $70, largely because of the collapse of Venezuelan oil production, the withdrawal of the United States from the Iran nuclear deal and stronger global demand for energy.
The group previously agreed to curb their output by about 1.8 million barrels per day to boost oil prices and clear a supply glut.
The Organization of the Petroleum Exporting Countries may decide in June to lift output to make up for reduced supply from crisis-hit Venezuela and Iran, which was stung by the US decision to withdraw from the nuclear arms control deal, OPEC and oil industry sources told Reuters.
The premium of Brent crude over US West Texas Intermediate futures neared $8 a barrel, close to its widest in three years.
"This discussion about possible OPEC supply increases after the June meeting has put a brake on the oil price for the time being, so $80 is a big hurdle to overcome", Commerzbank strategist Carsten Fritsch said.
Russia's energy minister, Alexander Novak, fanned speculation about a pivot on supplies when he suggested Thursday that Russian Federation and producers in OPEC would talk next month about easing their 2-year-old agreement to reduce production.
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Prices dipped lower after Saudi Arabia energy minister Khalid Al-Falih said the country was prepared to adjust its policy in June but did not confirm by how much output could increase.
Russian Federation and Saudi Arabia have more than 3 million barrels of spare daily production capacity, so they are capable of more than compensating for production losses from Iran and Venezuela.
OPEC and non-OPEC ministers meet in Vienna on June 22-23, and a final decision will be taken there.
The level is the baseline for the current agreement which expires at the end of 2018.
With Iran, one of OPEC's top producers, facing tough USA sanctions pressure and Venezuelan output at historic lows, a source speaking to Argus said extraordinary action may be necessary to calm the hot oil market. One option is to look at a longer-range, a 10-year average from 2004 to 2014, while another is to use the five-year average but exclude data from 2015 and 2016 because those were years of abnormally large stockpiles, the people said.
Meanwhile, commercial United States crude inventories rose 5.8 million barrels in the week to May 18, beating analyst expectations for a drop of 1.6 million barrels, the Energy Information Administration (EIA) said on Wednesday.