Oil prices declined for a second consecutive session Friday, with West Texas Intermediate (WTI) crude falling below $67 per barrel amid expectations of increased OPEC+ supply and renewed global trade uncertainty.
Delegates confirm the alliance will discuss accelerating production by over 411,000 barrels per day for August at a pivotal meeting Saturday.
Simultaneously, President Donald Trump’s threat of new unilateral tariffs—with a July 9 negotiation deadline—weighed on broader markets. The move compounds existing pressures on oil, which has seen volatile swings due to geopolitical risks and shifting demand fundamentals.
“Risk premiums have largely been priced out,” noted Susan Bell, Rystad Energy’s Senior VP for Downstream Research. “Underlying demand weakness is driving the trend.” While tensions from the Israel-Iran conflict eased recently, unresolved flashpoints persist:
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Upcoming U.S.-Iran nuclear talks in Oslo
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Ongoing OPEC+ policy adjustments
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Canada’s Fort McMurray wildfires near oil sands sites
Supply disruptions elsewhere bolstered heavier crude grades, with Alberta’s output at two-year lows due to fires, alongside declining Mexican production and U.S. restrictions on Venezuelan oil.
