Oil prices drop 1% as OPEC meeting postponement raises output cut doubts

Oil prices dipped around one percent on Thursday, extending losses after the postponement of an OPEC meeting stoked expectations that the group might not deepen output cuts next year. In intra-day trade, Brent crude was trading at 81 dollars and 14 cents per barrel, while U.S. West Texas Intermediate crude was trading at 76 dollars and 27 cents per barrel when reports last came in.