In addition, traders will be focused on the outcome of the upcoming negotiations on the Joint Comprehensive Plan of Action (JCPOA), or the Iranian nuclear deal, which could bring some clarity on future developments regarding sanctions on Tehran's oil exports.
Brent for June deliveries declined 4.7 percent to go for 61.61 dollars per barrel, while West Texas Intermediate (WTI) for settlements in May dropped 5.46 percent to sell for 57.98 dollars per barrel a minute later.
Ministers of Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) members voted during their Joint Ministerial Monitoring Committee (JMMC) on Thursday to ease oil output cuts by 350,000 barrels per day in May and June and by 450,000 in July, Energy Intelligence reported.
Saudi Arabia will also ease its previous voluntary cuts of 1.0 million barrels per day by 250,000 in May, 350,000 in June and 400,000 in July.