Shafaq News/ Basra's heavy crude exported to Asia on Thursday dropped 5.28%, equivalent to $5.97, settling at $117.10 a barrel.

The Saudi Arab light crude rested at $113.27 a barrel, while UAE's Murban Mixture and the Algerian Saharan blend registered $115.79 and $123.66 a barrel, respectively.

A barrel of Bonny light (Nigeria) settled at $124.18, while Angola's Girasol registered $120.33.

Oil prices fell on Thursday as investors cashed in on a recent rally ahead of key producers meeting later in the day, with some speculation that Saudi Arabia may boost oil production in response to urging by the United States.

Brent crude was down $2.08, or 1.8%, at $114.21 a barrel at 0410 GMT, having risen 0.6% the previous day.

U.S. West Texas Intermediate (WTI) crude dropped $2.25, or 2.0%, to $113.01 a barrel, after a 0.5% rise on Wednesday.