Oil prices fall on Thursday

Oil prices fell around 2% on Thursday. U.S. West Texas Intermediate (WTI) crude futures dropped 2.1%, or 80 cents, to $37.16 a barrel at 0138 GMT.

Brent crude futures fell 1.5%, or 61 cents, to $40.10 a barrel.

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 in May and June.

Meanwhile, OPEC’s overall production plunged by 6.3 million barrels per day (bpd) in May to 24.195 million bpd - the first month of its new output reduction deal, the organization said in its monthly report.