Oil posts biggest weekly loss in a month

US West Texas Intermediate crude futures settled 95 cents, or 1.6%, to settle at US$58.29 a barrel. Brent crude futures closed down 84 cents, or 1.4%, at US$61.29 a barrel.

NEW YORK: 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.

US West Texas Intermediate crude futures settled 95 cents, or 1.6%, to settle at US$58.29 a barrel. Brent crude futures closed down 84 cents, or 1.4%, at US$61.29 a barrel.