Oil prices drop on Thursday

Oil prices fell more than 2% on Thursday. U.S. West Texas Intermediate (WTI) crude futures erased gains from Wednesday, falling to $38.42 a barrel.

Brent crude futures fell 2.2%, or 92 cents, to $40.81 a barrel, also giving up gains from Wednesday.

Meanwhile, Gulf OPEC members are not planning to extend voluntary cuts in oil output into July as they were for June only, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday.

On June 6, the Organization of the Petroleum Exporting Countries (OPEC) and other producers, agreed during the 11th ministerial meeting, to extend the current oil production adjustments until July.

In April, OPEC+ agreed to reduce output by 9.7 million barrels per day (mbpd) in May and June.