By Shriq Khan

NEW YORK (Reuters) - Oil prices fell more than 1% on Friday and recorded their biggest weekly losses since the end of March as traders cautiously decided on the group's June output policy ahead of the OPEC+ meeting.

The price of the U.S. West Texas Intermediate crude oil futures is 95 cents, or 1.6%, and is priced at $58.29 per barrel. Brent crude futures closed at 84 cents, or 1.4%, at $61.29 a barrel.

During the week, Brent dropped more than 8% and WTI lost about 7.7%.

The OPEC+ meeting moved from its original plan on Monday to Saturday, with three sources telling Reuters on Friday, although it is not clear why the meeting was rescheduled.

The group, which includes organizations of oil exporters and their allies, is considering whether to increase accelerated oil production increases in June or stick to smaller hikes, two sources said.

Either way, oil traders provided more supply to the group, when market experts prompted market experts to lower expectations of demand growth this year as the economy slowed down due to the trade war between the United States and China.

"This market is now related to OPEC, and even the tariff war is taking the back row," said Scott Shelton, an energy expert in the US.

Reuters reported this week that officials from OPEC+ de facto chief Saudi Arabia briefed allies and industry experts about their unwillingness to support the oil market through further supply.

OPEC+ is currently reducing production by more than 5 million barrels per day.

Traders are also cautious given that Beijing said Friday it is evaluating talks proposed by Washington to resolve tariffs by U.S. President Donald Trump, as trade disputes between China and U.S. countries may gradually decline.

"There is some optimism in U.S.-China relations, but these signs are only very tentative," said Harry Tchilinguirian, head of research at Onyx Capital Group.

UBS analyst Giovanni Staunovo said the decline in oil prices on Friday was affected by stock gains as jobs in the U.S. showed wages were higher than expected last month, and Wall Street climbed.

The threat of Trump's secondary sanctions on Iranian oil buyers on Thursday also helps alleviate some pressure on oil prices, which could tighten global supply.

The threat that occurred after the U.S. talks with Iran about its nuclear program could also complicate trade talks with China, the world's largest importer of Iranian crude oil.