Oil prices fell in European trade on Thursday for the first session in eight off four-week highs on profit-taking, amid caution in the market as US-China trade talks wrapped up without immediate results. 

As of 09:10 GMT, US crude fell $51.60 a barrel, while Brent declined to $60.60 a barrel. 

US crude rose 4.8% yesterday, the seventh profit in a row, and the longest such streak since May 2018, marking four-week highs at $52.56. 

Brent rose 4.75%, the seventh profit in a row, marking December 13 highs at $61.67. 

Oil lost ground as caution prevails after no results were gleaned from the US-China trade talks in Beijing to end the dispute between the world's two largest economies. 

The Energy Information Administration reported a drop of 1.7 million barrels in the week ending January 4, while analysts expected a 2.6 million drop. 

Total stocks are down to 439.8 million barrels, the lowest since the week ending November 2 in a positive sign for demand in the world's largest oil consumer. 

US output steadied last week yet again at 11.7 million bpd, already a record high. 

Morgan Stanley cut estimates for oil prices in 2019 by 10% due to weak global growth and higher US supplies. 

The investment bank expects US crude to average $54 a barrel this year, compared to previous forecasts at $60 a barrel, while cutting estimates for Brent to $61 from $69. 

Morgan Stanley's analysts believe OPEC will have to continue cutting output to 2020 if true balance is to be achieved in the market. 

Bitcoin slid over 5% on Thursday on track for the third loss in four days after failing to hold above $4,000 amid a lack of incentives to prop up crypto assets. 

At Bitstamp, Bitcoin shed $213, or 5.3% to $3,790, with a session-high at $4,036, and a low at $3,753. 

Bitcoin inched up 0.2% on Wednesday, the first profit in three days as trading hovered around $4,000. 

Market value of cryptocurrencies fell $8 billion on Thursday to a total of $129 billion, the lowest since January 2. 

Bitcoin dropped 5% in a few hours, erasing $8 billion of market value in another sign of ebbing investor confidence. 

Bitcoin fell below $4,000 yet again as demand continues to be weak on crypto assets with no news to prop up the market. 

Euro rallied to three-month highs on Thursday against the dollar for another session, as the dollar continues to suffer following the release of the Federal Reserve's meeting minutes, which cut chances of several rate hikes in 2019 further. 

EUR/USD rose 0.1% as of 07:22 GMT to 1.1555, with an intraday low at 1.1538, and the highest since October 17 at 1.1569. 

Euro rose 0.9% yesterday, the fourth profit in five days, and the largest since September 19. 

The dollar index shed 0.1% on Thursday, the second loss in a row, while marking three-month lows at 94.62. 

The pressures on the dollar came as analysts expect a slower pace of US rate hikes in 2019 according to the Fed's meeting minutes. 

The minutes showed several policymakers favor maintaining interest rates unchanged this year, while hinging a hike solely on data. 

Now investors await similar meeting minutes for the European Central Bank, at which policymakers voted to maintain interest rates while announcing the end of the program to cut assets. 

The board of directors of Abdullah A. M. Al-Khodari Sons Co. has recommended the usage of the company’s statutory reserve, amounting to SAR 70.988 million, to cover its accumulated losses reaching SAR 272.996 million.

The objective of the recommendation is to reduce the company’s accumulated losses to SAR 202.008 million (or 36.2% of capital), from from SAR 272.996 million (or 48.9% of capital).

The company earlier said it logged SAR 26 million net loss for the third quarter of 2018, compared with SAR 7.6 million net loss in prior-year period. It also posted SAR 24.1 million net loss in the first nine months of 2018, down from SAR 37.2 million net loss in the same period of 2017.