Oil steadied after falling more than 2% on Thursday as investors weighed the fallout from OPEC+ supply and President Donald Trump’s tariffs.
West Texas Intermediate was near $67 a barrel and Brent closed below $69 in the previous session. OPEC+ is discussing a pause to production increases after a hike tentatively planned for September, according to delegates, which would unwind its most recent output cuts a year earlier than expected.
Even before the latest supply boost announced over the weekend, there had been concerns about a looming glut toward the end of the year. Still, there are signs of tightness in the physical market, and demand typically peaks during the Northern Hemisphere summer.
Oil is little changed for the week, despite OPEC+ announcing a further increase to production in August, escalating hostilities against shipping in the Red Sea and a wave of tariff threats from Trump. There are concerns that his levies and retaliatory measures will impact global economic growth.
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