Oil prices look set to fall for the second week in a row, pressured by plans from OPEC+ to ramp up production and ongoing uncertainty surrounding U.S. trade tariffs.
OPEC+ Supply Expansion Weighs on Market
Brent crude futures slipped 0.48% to settle at $63.84 per barrel, while U.S. West Texas Intermediate (WTI) declined 0.51% to $60.63 per barrel—putting both benchmarks on track for about a 1.5% drop over the week.
The expected increase in output by OPEC+ countries, potentially surpassing the prior boost of 411,000 barrels per day, is fueling concerns about excess supply flooding the market. Analysts at JPMorgan estimate a global surplus of roughly 2.2 million barrels per day, which could drive prices lower to rebalance supply and demand.
More Articles:
Tariff Developments Add to Market Jitters
Compounding pressure on prices, a U.S. federal appeals court reinstated tariffs initially imposed during President Trump’s administration, reversing a previous ruling that had blocked most of these duties.
This legal turnaround injects fresh uncertainty into global trade, potentially slowing demand for oil. Experts suggest this could push oil prices down further, possibly dipping into the high $50 range per barrel by year-end.
Looking Ahead
With OPEC+ increasing production and trade tensions casting a shadow, the outlook for oil prices remains cautious. While some expect prices to stabilize temporarily, the risk of further declines persists if current trends continue.
Disclaimer
This article is intended for informational purposes only and does not offer investment, legal, or political advice. Readers should conduct their own due diligence before making any decisions.
Source:
Reuters - Oil set for second weekly decline as market eyes another OPEC+ output hike
