Oil prices fall on Thursday

Oil prices fell on Thursday. Brent crude futures declined 1.4%, or 59 cents, to $39.20 a barrel in the morning.

U.S. West Texas Intermediate (WTI) crude futures fell 2%, or 77 cents, to $36.52 a barrel.

Saudi Arabia and Russia have preliminarily agreed to extend existing record oil production cuts by one month, according to OPEC+ sources.

In April, OPEC and other producers led by Russia (OPEC+) agreed to reduce output by 9.7 million barrels per day (bpd) in May and June.