Crude oil prices fall 1%

Oil prices edged lower on Thursday ahead of the OPEC+ meeting scheduled for June 1, 2021.

International benchmark Brent crude was trading down 1.1% at $68.14 per barrel, at 2.50 pm Makkah time.

WTI crude fell 1% to $65.52 per barrel.

The Organization of the Petroleum Exporting Countries and allies (OPEC+) are expected to discuss production curbs when they meet next week.

JPMorgan Chase expects that OPEC+ will not hike production beyond what the group has already agreed for May through July, and would decide any future increases based on the demand outlook, Reuters reported.