Mubasher: Oil futures declined at Friday’s settlement, rising 1.8% in a week and over 9% in June.

August Nymex WTI fell $0.96, or 1.6%, to close at $58.47 per barrel.

Earlier today, Reuters reported that Russian Energy Minister Alexander Novak had expressed his hope that the Group of 20 top economies (G20) summit would help members of the OPEC make a clearer decision on whether to extend their supply curbs.