Sri Lanka, May 23 -- Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July.

Brent futures fell 48 cents, or 0.8%, to $63.96 a barrel by 0635 GMT. U.S. West Texas Intermediate crude futures lost 48 cents, or 0.8%, to $60.72.

For the week, Brent has fallen 2.3%, and WTI has dropped 2.9%, following two weeks of gains.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 (bpd) for July was among the options discusse...