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Oil set for biggest weekly loss in a month ahead of OPEC+ meeting

A view shows oil pump jacks outside Almetyevsk

Oil pump jacks at work near Almetyevsk in the Republic of Tatarstan, Russia, in 2023.

 Alexander Manzyuk/reuters

NEW YORK � Oil prices fell 1% on Friday and were set 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.

U.S. West Texas Intermediate crude futures fell $1.11, or 1.9%, to $58.13 a barrel at 1:23 p.m. ET. Brent crude futures were down 94 cents, or 1.5%, to $61.19 a barrel.



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