WASHINGTON (dpa-AFX) - Oil prices retreated on Friday and were on course for their first weekly decline in three weeks on concerns about oversupply stemming from a potential nuclear deal between the U.S. and Iran, and OPEC+ supply hike prospects.
Benchmark Brent crude futures fell 0.7 percent to $63.99 a barrel in European trade while WTI crude futures were down 0.7 percent at $60.75.
Both benchmarks were down around 2 percent for the week after reports emerged that OPEC+ is considering another increase in production levels.
According to Bloomberg, OPEC+ members are discussing making a third consecutive oil production surge in July.
Citing OPEC+ delegates, Bloomberg said an output increase of 411,000 barrels a day for July - triple the amount initially planned - is among options under discussion, though no final decision has been made. A final decision is due to be made at the group's meeting gathering on June 1st.
Markets also keep an eye on U.S.-Iranian nuclear negotiations which could determine the future supply of Iranian oil. The fifth round of talks over Tehran's nuclear program will take place in Rome today.
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