Oil prices dipped ahead of key OPEC+ output decision
Traders remained on edge amid reports that OPEC and its allies may consider increasing production by more than 411,000 barrels per day next month.
International oil benchmarks closed lower on Friday as market participants turned cautious ahead of a crucial OPEC+ meeting scheduled for Saturday, where the alliance is widely expected to discuss a larger-than-anticipated output hike for July.
Brent futures settled down 25 cents, or 0.39%, at $63.90 a barrel.
WTI crude eased 15 cents, or 0.25%, to close at $60.79 a barrel.
Traders remained on edge amid reports that OPEC and its allies may consider increasing production by more than 411,000 barrels per day next month. The prospect of a faster-than-expected revival in supply has fuelled concerns that a surplus could re-emerge in the second half of the year, pressuring prices.
Adding to market jitters, geopolitical tensions flared after the United States accused China of breaching its trade commitments and threatened to expand restrictions on the Chinese technology sector. The renewed friction between the world’s two largest economies has revived fears of a broader tariff conflict, with potential negative implications for global oil demand.