Oil prices continued their downward trend for the fourth consecutive session on Friday, and are expected to record their first weekly decline in three weeks.
The move was driven by concerns about rising global supply following speculation that OPEC+ may raise production in July.
At 3.40 pm, Brent crude futures fell 40 cents (0.06%) to $63.43 a barrel and West Texas Intermediate (WTI) also fell to $60.60 a barrel.
For the week, Brent has fallen 2.3%, and WTI has fallen 2.9%, after both recorded gains in the previous two weeks.
Bloomberg revealed that OPEC+ is considering a large production increase at a meeting scheduled for June 1.
Among the proposals being discussed is a supply increase of 411,000 barrels per day for July. However, no final decision has been reached so far.
Market sentiment remained cautious ahead of the meeting, with investors assessing the potential impact on the global supply and demand balance.
Meanwhile, OPEC+ had previously agreed to increase production by almost 1 million barrels per day for the period from April to June.
The production increase also dampened the anxiety earlier this week that arose from reports that Israel was preparing to attack Iranian nuclear facilities, as well as the announcement of new sanctions by the European Union and Britain on Russian oil trade.
Geopolitical uncertainties and changing supply policies are expected to continue to influence oil price trends in the near term.
