Brent crude fell 35 cents, or 0.8%, to $43.44 a barrel by 0852 GMT while West Texas Intermediate (WTI) crude was down 49 cents, or 1.2%, to $40.47 per barrel.
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The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August.
They will reduce their cuts to 7.7 million barrels per day through December from the 9.7 million bpd cuts in place since May.
“Things are getting back to normal on the oil market,” said Norbert Rücker, head of economics research at Julius Baer.
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