Doha: Oil prices fell by more than one percent at settlement on Friday to mark the biggest weekly losses since late March. The decline was driven by cautious sentiment among traders ahead of an upcoming OPEC+ meeting that will determine production policy for June.

According to Qatar News Agency, Brent crude futures dropped by 84 cents, or 1.4%, to settle at 61.29 per barrel. U.S. West Texas Intermediate crude futures lost 95 cents, or 1.6%, to close at 58.29 per barrel. Brent crude recorded a weekly loss of over 8%, while WTI also declined by approximately 7.7% over the week.

It is worth noting that eight OPEC+ member countries are scheduled to meet later today to decide on the June production plan, following a previously scheduled meeting set for the 5th of the month. Currently, OPEC+ is cutting production by more than five million barrels per day.

Traders are also exercising caution due to a potential de-escalation of the trade dispute between the United States and China, after Beijing said yesterday that it is reviewing a proposal from Washington to hold talks regarding the tariffs imposed by U.S. President Donald Trump.