Oil futures fell on Thursday, pressured after the Financial Times reported that Saudi Arabia was ready to abandon its $100-a-barrel price target as it prepares to increase production in a bid to take back market share.

Prices of oil continue to drop after a new report revealed Saudi Arabia is considering increasing production later this year.

Oil prices slipped on Thursday, reversing earlier gains, on a media report that Saudi Arabia, the world's top crude exporter, will give up its price target in preparation for raising output. Brent crude futures were down $1.