Oil Prices Set for Weekly Drop With Tariff Legal Battles, OPEC+ in Focus
Oil prices were on track to end the week down more than 1% on Friday amid whipsawing tariff rulings in the U.S. and as the market braced for a potential OPEC+ output hike.
Brent crude futures slipped 26 cents, or 0.41%, to $63.89 a barrel by 0104 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.44%, to $60.67 a barrel. The Brent July futures contract is due to expire on Friday.
In the U.S., President Donald Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties.
The block had sent oil prices falling more than 1% on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked their way through the court system.
Members of the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, are expected to decide on a July oil production hike when they meet on Saturday.
At the same time, OPEC is trying to ensure that some countries that have been producing above their agreed levels, such as Kazakhstan, cut their output.
"The standoff between OPEC and Kazakhstan became even more apparent this week," Westpac's head of commodity and carbon research Robert Rennie said in a note.
Source : Reuters
