Oil prices fall amid uncertainty over OPEC+ output cuts

Oil prices fell earlier on Friday, losing a portion of its gains from the previous session. The decline comes amid uncertainty as to whether OPEC will extend its plan to cut output after the month of June.

Brent oil futures slid by 0.50% to $39.76 per barrel at 9:53 PM ET (2:53 AM GMT), while WTI futures lost 0.80% to $37.11 per barrel.

However, both benchmarks reached its sixth weekly gain amid increased optimism as the global economy slowly recovers from the COVID-19 pandemic.

Investors retreated from the black liquid after OPEC+ failed to reach a conclusion in a highly-anticipated policy meeting on Thursday. OPEC+ has also received accusations that some of its members have not followed through with the agreed production cuts in April.

Russia and Saudi Arabia, the world’s largest producers of oil, have pushed for the extension of output cuts. This could potentially lead OPEC to conduct a ministerial video conference on the weekend if compliance to the cuts were to continue.