Oil prices steadied on Friday and headed for the second weekly loss in a row as investors expect OPEC+ to raise output in July, and with mounting uncertainty on US tariff policies after recent legal challenges.
Brent futures fell 18 cents, or 0.28% to $63.97 a barrel, while US West Texas fell 18 cents, or 0.3% to $60.76 a barrel.
Brent July futures end today, while August futures, the most traded now, fell 0.5% to $63.02 a barrel.
At these levels, prices are heading for a weekly loss surpassing 1%.
OPEC+ Considers Production Hike
Oil prices took a hit after a Reuters report indicated OPEC+ plans to raise July output by over 411 thousand bpd.
JPMorgan’a analysts said that global oversupplies rose to 2.2 million bpd, which led to a price adjustment to reflect market conditions.
The analysts expect prices to remain near current levels in the short term, before falling gradually to the high 50s by the year end.
US Tariffs Cast Shadows
US reciprocal tariffs were given a stay by the appeals court, revoking an earlier suspension order by a US federal court.
Such developments hammered Brent prices once more, which have already lost over 10% since Trump’s “Liberation Day” tariffs on April 2nd.
Prices faced even more pressure after earlier US data showed personal consumption slowed down in April, potentially reflecting weakness in local energy demand.
