FX.co ★ WTI Crude Logs 2nd Weekly Loss Amid OPEC+ Uncertainty

WTI crude oil futures experienced a slight decline of 0.2%, closing at $60.80 per barrel on Friday and concluding the week with a loss exceeding 1%. This downturn was influenced by ongoing trade tensions and supply concerns that continue to exert pressure on prices. President Trump's recent accusations against China for allegedly breaching a tariff truce have reignited fears and added to the uncertainty surrounding the upcoming OPEC+ meeting. The assembly is set to determine production levels for July, with indications pointing to a possible increase beyond the previously agreed 411,000 barrels per day. Key producers, such as Saudi Arabia and Russia, are reportedly advocating for a larger boost in production to reclaim market share and reassert control over members that have been overproducing. Kazakhstan’s resistance to limiting its output has further tested the group's cohesion. The anticipation of additional oil entering the market has already impacted prices, heightening concerns over a potential oversupply.