Oil prices fell Friday, on track for sharp weekly losses as expectations of increased OPEC+ supply and lingering uncertainty over U.S.-China tariff talks weighed on sentiment.

At 08:10 ET (12:10 GMT), Brent Oil Futures expiring in June fell 1.2% to $65.70 per barrel, while West Texas Intermediate WTI crude futures dropped 1.2% to $62.06 per barrel.

Both contracts were set to decline over 3% this week, having fallen more than 10% in April.

Potential OPEC+ output hike weighs

Several OPEC+ nations are pushing to accelerate oil output hikes in June, extending May's surprise boost, as internal disputes over quota compliance deepen, Reuters reported Wednesday.

The proposed increase—potentially matching May's 411,000 barrels per day rise—comes as oil prices hover near four-year lows amid a U.S.-China trade war and oversupply concerns.

"This comes after Kazakhstan said that it's unable to lower oil output and plans to prioritise domestic interests over OPEC+ obligations. Kazakhstan has been pumping well above its production target following an expansion project at the Tengiz field," said analysts at ING, in a note.

"Further disagreement between OPEC+ members is a clear downside risk, as it could lead to a price war."

Trump still aiming at high tariffs - Time

Also weighing Friday was the publication of an interview with U.S. President Donald Trump in the Time magazine, in which the president said he would consider it a "total victory" if the U.S. has high tariffs of 20% to 50% on foreign countries a year from now.

Source: Investing.com