Price of Brent crude oil was down almost 5% on Thursday’s opening as OPEC members Saudi Arabia and the United Arab Emirates (UAE) are preparing to ramp up their crude oil production levels next month.

The international benchmark was trading at $34.07 per barrel at 0550 GMT for a 4.8% decline, after it closed Wednesday at $35.79 a barrel with a 3.7% loss.

American benchmark West Texas Intermediate was at $31.50 a barrel at the same time for a 4.9% decrease, after ending the previous session at $33.12 per barrel with a 3.6% decline.

Saudi Arabia announced Wednesday that

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