Oil prices dropped on Thursday. U.S. West Texas Intermediate (WTI) crude futures were down 3%, or 97 cents, at $31.84 at 0019 GMT.

 

Brent crude futures last traded down 2.3%, or 78 cents, at $33.96.

 

Earlier this month, Saudi Arabia said it would cut production by a further 1 million barrels per day (bpd) in June, slashing its total production to 7.5 million bpd, down nearly 40% from April, Argaam reported.

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