The United States, China and India had urged oil producers to release more supply to prevent an oil deficit that could undermine global economic growth.
OPEC agreed to a modest rise in oil production from next month but the group gave no clear targets, leaving traders guessing how much more it will actually pump.
In the national capital, sugar ready M-30 and S-30 slipped to Rs 3,450-3,560 and Rs 3,440-3,550 from previous levels of Rs 3,530-Com3,670 and Rs 3,520-3,670 per quintal, respectively.
Prices had rallied in 5 waves and after that the correction which we saw can be termed as wave a and now prices could have a pullback in wave b towards 38.2 retracements at 67.10, 50 percent is at 68.2 and 61.8 percent is at 69.3, says Priyank Upadhyay of SSJ Finance & Securities.
The output gain is nominal. OPEC to raise oil production by around 1 million barrels per day from July for the group.
As per the April agreement, Aramco is to supply half of the crude oil required for processing at the refinery that will be commissioned by 2025. ADNOC will now supply some of the crudes to be processed at the unit.
The Organization of the Petroleum Exporting Countries is meeting in Vienna together with non-OPEC oil producers to discuss output policy. Saudi Arabia and Russia want to raise output, but some other OPEC members, including Iran, have opposed this.
Iran, OPEC's third-largest producer, has so far been the main barrier to a deal as it called on OPEC to reject pressure from US President Donald Trump to pump more oil.
If payments to Iran cannot continue after a 180-day "wind-down period" ending on Nov. 4, it is possible that Japanese buyers of Iranian oil will have to make their last order for Iranian oil in August for September-loading cargoes, said Takashi Tsukioka, who is also chairman of Japan's second-biggest refiner, Idemitsu Kosan Co.
The market has since tightened significantly, pushing up crude prices and triggering calls by consumers to increase supplies.
However, prices were prevented from dropping further by record refinery runs in the United States and a large decline in crude inventories, a sign of strong fuel demand in the world's biggest economy.
Gold prices, which can benefit in times of uncertainty, failed to gain so far this week, despite the ongoing trade war.
Iran, a major supplier within the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), signalled on Wednesday it could agree on a small increase in the group's output during a meeting at OPEC's headquarters in Vienna on June 22.
The global economic outlook already has threats from trade wars, geopolitical events and fear of instability coming back to the Euro Zone.
Benchmark Brent crude was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude was 50 cents higher at $65.57.
Resistance is being led by Iran, deeply wary of any move by regional rival Saudi Arabia that could push down oil prices at a time when Tehran faces renewed sanctions following US President Donald Trump's decision to quit its international nuclear deal, which is likely to impact the country's oil exports.
The crude price was also dented by expectations that producer group OPEC and partner Russia will gradually increase output in order to make up for involuntary losses in Venezuela and potential shortfalls from Iran, which is facing U.S. sanctions related to its nuclear activity.
Trump threatened on Monday to impose a 10 percent tariff on $200 billion of Chinese goods.
The Organization of the Petroleum Exporting Countries (OPEC) together with a group of non-OPEC producers that includes Russia started withholding oil supplies in 2017 to end a global glut and prop up prices.
Gold price slashed by Rs. 335 per ten grams, silver prices also dipped by Rs. 1310 per Kg. Gold Rs 30,765 per 10 grams and silver at Rs 40,205.
U.S. light crude oil hit a two-month low of $63.59 a barrel before recovering to trade at $64.76, down 30 cents, by 0950 GMT. North Sea Brent, meanwhile, was up 60 cents at $74.04 a barrel.
Permitting commodity exchanges to participate in spot trading likely to transform the entire industry. Synchronising spot and the derivative market will aid market participants to hedge their risk associated with commodity transactions.
Prices are trying to find their way up after weeks of consolidation and look set for a breakout on the higher side, where they will initially target $1,325 an ounce or Rs 31,650 per 10 gm.
Benchmark Brent crude oil fell by $1.07 a barrel to a low of $74.87 before recovering to $75.12, down 82 cents, by 1328 GMT. US light crude was 360 cents lower at $66.53.
Gold was being sold at a discount in Indian markets for the sixth straight week.