Oil prices ended the week lower on Friday, capping their biggest weekly declines since late March as investors remained cautious ahead of a key OPEC+ meeting expected to shape the group’s production policy for June. West Texas Intermediate (WTI) crude fell 95 cents, or 1.6%, to close at $58.29 per barrel, while Brent crude lost 84 cents, or 1.4%, settling at $61.29. For the week, Brent dropped over 8% and WTI declined about 7.7%.
The selloff was driven by mounting concerns that OPEC+ may agree to accelerate output hikes, adding more supply to an already uncertain demand environment. The group’s meeting was unexpectedly moved up to Saturday from the originally scheduled Monday, fueling speculation about internal disagreements or strategic maneuvering. Sources indicated the bloc is still weighing whether to continue with modest increases or pursue a faster ramp-up.
Adding to the bearish tone were ongoing fears that a slowing global economy—exacerbated by trade tensions between the U.S. and China—could erode demand. While there were tentative signs of renewed dialogue between Washington and Beijing, analysts warned that any resolution remains uncertain and unlikely to bring immediate relief to the energy markets.
OPEC+’s top producer, Saudi Arabia, has reportedly told allies it does not intend to support the market with further supply cuts, reinforcing expectations of a more aggressive production stance. Currently, the group is cutting over 5 million barrels per day, and an increase would come just as demand forecasts for the year are being revised downward.
Still, the downside was somewhat cushioned by supportive factors. Strong U.S. jobs data lifted equity markets, bolstering broader investor sentiment. Additionally, President Trump’s warning of possible secondary sanctions on Iranian crude buyers raised the potential for tighter supply, particularly affecting China—the largest importer of Iranian oil—and further complicating trade negotiations.
Oil market participants are also watching U.S. production trends closely. Baker Hughes data on Friday showed the number of active oil rigs fell by four to 479, suggesting a potential slowdown in domestic output growth that could support prices in the longer term.
Overall, the market remains volatile and highly sensitive to developments in OPEC+ policy, U.S.-China relations, and global macroeconomic indicators. All eyes are now on the upcoming OPEC+ meeting to provide clarity on the supply outlook heading into summer.