WTI crude oil futures fell 1.6% on Friday to settle at $58.29 per barrel, marking their largest weekly loss since late March.
The decline came as traders turned cautious ahead of a key OPEC+ meeting rescheduled to Saturday, where members will discuss June production targets.
The group, which includes OPEC and its allies, is weighing whether to accelerate output increases or stick with a more modest approach amid waning demand growth projections.
Lingering fears of a global economic slowdown tied to the US-China trade war have further pressured oil markets.
Despite tentative signs of easing trade tensions, sentiment remained fragile.
A drop in the US oil rig count by four to 479 offered mild support, hinting at slower domestic production growth.
Additionally, President Trump’s threat of secondary sanctions on Iranian crude buyers added some geopolitical risk to the mix.
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