Crude Oil Faces Pressure from Tariff Talks and Supply Concerns

Crude oil prices experienced a notable decline, falling more than 1% on Friday. This drop came in the wake of comments from the United States President in a Time magazine interview, where he mentioned considering a "total victory" if trade duties of up to 50% were still imposed by next year. These remarks have reignited fears among investors regarding the potential impact of tariffs on global trade and oil demand.

OPEC+ Production Increase Adds to Market Jitters

Adding to the market's unease, reports suggesting that OPEC+ might ramp up production in the coming months have been circulating. This possibility has raised concerns about an oversupply in the market, a situation further exacerbated by Kazakhstan's hesitation to adhere to the group's agreed production levels. Such developments are contributing to the volatility observed in oil prices.

Price Movements at a Glance

At 8:08 am ET, West Texas Intermediate (WTI) for June deliveries saw a decrease of 1.43%, trading at $61.97 per barrel. Shortly after, at 8:09 am ET, Brent's settlements for the same month fell by 1.26%, with prices at $65.73 per barrel.