NEW YORK, April 9 (Xinhua) -- Oil prices declined on Friday, posting a loss for the week.

The West Texas Intermediate for May delivery lost 28 cents to settle at 59.32 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased 25 cents to close at 62.95 dollars a barrel on the London ICE Futures Exchange.

The moves came as traders weighed risks from both the supply and the demand sides.

Last week, the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, agreed to boost output in the coming three months.

The group is restoring production that was slashed last year to support prices as fuel demand sagged amid the COVID-19 pandemic.

"The real test will only be faced now after the group agreed last week to raise production considerably in the next three months despite a still subdued demand outlook," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Friday.

"We suspect that OPEC+ took its decision somewhat prematurely this time and that prices will come under some pressure in the coming months given that a production surplus seems likely," he said.

For the week, the U.S. crude futures declined 3.5 percent, while Brent crude dropped 2.9 percent. Enditem

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