After the failed negotiations among major producers raised the prospect of abandoning the current pumping agreement for the third day in a row, oil prices fell, today Thursday, amid uncertainty over supply,

Brent crude futures fell 34 cents, or 0.46%, to $73.08 per barrel at 12:02 GMT.

This comes as West Texas Intermediate crude futures fell 46 cents, or 0.65%, at $71.75, while both contracts reached their lowest level three weeks before the session.

Brent prices have lost as much as $5 per barrel since Monday's shutdown, following the collapse of talks between the Organization of Petroleum Exporting Countries (OPEC) and the Russian-led coalition, in a group known as "OPEC +."

Saudi Arabia had rejected demands by the United Arab Emirates to increase its production under the group agreement, which reduced its offer for more than a year.

The group maintains nearly six million barrels per day of production cuts and was expected to add more supply, but three days of meetings failed to close divisions between the Saudis and Emirati.

According to sources in OPEC +, yesterday Wednesday, Russia is trying to broker an agreement that will increase the infusion.

Concerns about the Corona epidemic have put pressure on prices, with Japan, the world's fourth largest consumer of crude oil, declaring a state of emergency for the Tokyo region, and South Korea announcing the highest daily incidence of Corona.

Prices have found some support in a sharp decline in U.S. oil stocks, with figures from the American Petroleum Institute showing that the world's largest crude consumer stocks declined eight million barrels in the week ending July 2.