Brent futures fell 48 cents, or 0.8%, to $63 96 a barrel. United States (US) West Texas Intermediate crude futures lost 48 cents, or 0.8%, to $60 72.

Both contracts touched their lowest in more than one week on Thursday after a Bloomberg News report that OPEC+ was considering another large production increase at a meeting on June 1. 

Increasing output by 411 000 barrels a day for July was among the options discussed, but no final agreement has yet been reached, the report said, citing delegates. 

"The oil market is under renewed pressure as noise builds around what OPEC+ will do with their July output levels," analysts wrote in a research note. 

They expect that OPEC+ will go ahead with a 411 000 bpd supply increase for July and currently forecast Brent to average $59 per barrel in the fourth quarter. 

OPEC+, which includes the Organisation of the Petroleum Exporting Countries and allies such as Russia, agreed to increase production by nearly 1 million barrels per day in April, May and June. 

The supply tailwind offset jitters earlier this week triggered by a report saying Israel is making preparations to strike Iranian nuclear facilities and new sanctions announced by the European Union and Britain on Russia's oil trade. 

A large crude oil build in the US also weighed on oil prices.

--Reuters--