Oil posts biggest weekly loss in a month ahead of OPEC+ meeting
Oil prices fell over 1% lower on Friday and recorded for their biggest weekly losses since the end of March, as traders turned cautious ahead of an OPEC+ meeting to decide the group's output policy for June.
U.S. West Texas Intermediate crude futures settled 95 cents, or 1.6%, to settle at $58.29 a barrel. Brent crude futures closed down 84 cents, or 1.4%, at $61.29 a barrel.
For the week, Brent fell over 8% and WTI lost about 7.7%.
The OPEC+ meeting was moved up to Saturday from the original plan of Monday, three sources told Reuters on Friday, although it was not clear why the meeting was rescheduled.
Members of the group, which includes the Organization of the Petroleum Exporting Countries and its allies, are deliberating whether to make another accelerated oil output increase in June or stick with a smaller hike, two of the sources said.
Either way, oil traders braced for more supply from the group, at a time when fears of an economic slowdown caused by a trade war between the U.S. and China have prompted market experts to lower demand growth expectations for this year.
Source: Reuters
