Baghdad: Oil prices experienced a significant drop, marking their largest weekly loss since late March. The decline is attributed to caution among traders ahead of an upcoming OPEC+ meeting, where production policy for June will be decided.

According to National Iraqi News Agency, Brent crude futures decreased by 84 cents, or 1.4 percent, settling at $61.29 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures fell by 95 cents, or 1.6 percent, reaching $58.29 a barrel. Throughout the week, Brent crude recorded a substantial loss of more than 8 percent, while US crude saw a decline of approximately 7.7 percent.

Eight OPEC+ member countries are set to convene later today to outline the production plan for June. The meeting had originally been scheduled for the fifth of this month. OPEC+ is currently reducing output by over five million barrels per day. Traders are also exercising caution due to potential developments in the trade dispute between the United States and China. Beijing announced it is evaluating a proposal from Washington to commence talks regarding tariffs imposed by US President Donald Trump.