Dhaka, 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 per cent, to $63.96 a barrel by 0635 GMT. US West Texas Intermediate crude futures lost 48 cents, or 0.8 per cent, to $60.72.

For the week, Brent has fallen 2.3 per cent, and WTI has dropped 2.9 per cent, following two weeks of gains, according to Reuters.

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...