Crude Oil Pulls Back Sharply Ahead Of OPEC+ Meeting

(RTTNews) - Following the rebound seen in the previous session, the price of crude oil showed a significant move back to the downside during trading on Friday.

Crude for June delivery tumbled $0.95 or 1.6 percent to $58.29 a barrel after jumping $1.03 or 1.8 percent to $59.24 a barrel during Thursday's session. With the sharp pullback on the day, the price of crude oil plunged by 7.5 percent for the week.

Crude oil futures came under pressure ahead of an OPEC+ meeting, which a report from Reuters said will take place on Saturday after being originally scheduled for next Monday.

Two sources with knowledge of the matter told Reuters eight OPEC+ countries will meet to decide whether to agree a further accelerated oil output hike for June or make a smaller increase as originally planned.

Earlier this week, a report from Reuters indicating Saudi Arabian officials are telling allies and industry experts the kingdom is unwilling to prop up the oil market with further supply cuts also weighed on prices.

Reuters said the possible shift in Saudi policy could suggest a move toward producing more and expanding its market share.