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

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.

Brent crude futures were down 65 cents, or 1.1%, to $61.48 a barrel at 11:57 a.m. ET (1557 GMT), while U.S. West Texas Intermediate crude futures fell 79 cents, or 1.3%, to $58.45 a barrel.

For the week, Brent was on track to fall about 8% and WTI about 7%.

The OPEC+ meeting was moved up to Saturday from the original plan of Monday, three sources told Reuters on Friday, although it was not immediately clear why the meeting was rescheduled.

Members of the group, which includes the Organization of the Petroleum Exporting Countries and its allies, are deliberating whether to make another accelerated oil output increase in June or stick with a smaller hike, two of the sources said.