Oil declined as soft US economic data and concerns about rising supplies eroded the risk-on sentiment from a court ruling that blocked a swath of the Trump administration’s tariffs.
West Texas Intermediate fell 1.5% to settle near $61 a barrel after Interfax cited Kazakhstan as saying that OPEC+ is set to hike output at a meeting on Saturday, with the size of the increase still to be decided. Broader markets eased off of earlier highs on data showing the US economy shrank at the start of the year, further pressuring the commodity.
Crude had earlier rallied after a trade court blocked a vast range of President Donald Trump’s trade levies, including elevated rates on China — the world’s top importer of crude.
“The path to sustainably higher prices remains extremely narrow,” with the market likely to struggle to absorb additional barrels from OPEC+ over the coming months, said Daniel Ghali, a commodity strategist at TD Securities. In the near term, algorithmic selling activity will weigh on prices into the weekend meeting, he added.
Oil has trended lower since mid-January on concerns about the fallout from Trump’s tariff war, with the revival of idled production by OPEC+ adding to headwinds. The trade measures have rattled global markets, raising concerns over economic growth and demand for commodities.
Meanwhile, wildfires are threatening about 5% of Canada’s crude output as a blaze in Alberta’s oil sands region spreads.
Oil Prices
WTI for July delivery slipped 1.5% to settle at $60.94 a barrel in New York.
Brent for July settlement dipped 1.2% to settle at $64.15 a barrel.
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