New york: Oil prices declined sharply at the close of trading Friday, with both Brent and West Texas Intermediate (WTI) futures ending the day down more than 1 percent. Brent crude futures dropped 99 cents, or 1.5 percent, to settle at $65.85 per barrel. WTI crude futures fell $1.16, or 1.8 percent, closing at $62.80 per barrel.

According to Qatar News Agency, over the past week, WTI declined by 1.7 percent, while Brent posted a weekly loss of 1.1 percent.