Oil prices dropped as producers including Saudi Arabia and Russia locked horns over the requirement to extend record production cuts set in place during the first wave of the coronavirus pandemic.Brent crude dropped 26 cents, or 0.54%, at $47.99 a barrel by 0950 GMT, after gaining 1.08% on Wednesday. US oil dropped 33 cents, or 0.73%, to 44.95 a barrel, having ended the previous session 1.6% higher.The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, known as OPEC+, are resuming discussions on Thursday to agree on policies for 2021 after earlier talks made no advantage on how to battle weak oil demand amid a fresh coronavirus wave.Two OPEC+ sources told Reuters on Thursday the group was leaning towards an oil cuts rollover with a gradual gain in output over the upcoming months.