WASHINGTON (dpa-AFX) - Oil prices traded higher on Friday but were set for a second weekly loss amid oversupply concerns.
Benchmark Brent crude futures jumped 0.7 percent to $63.78 a barrel in European trade while WTI crude futures were up 0.6 percent at $61.29.
Both benchmarks remain on track for a weekly loss of more than 1 percent due to uncertainty over U.S. President Donald Trump's tariffs and their likely impact on global growth and fuel demand.
Trump's sweeping tariffs are now facing legal uncertainties, complicating the administration's broader economic agenda.
Appeals are under way after a federal court struck his sweeping tariffs, ruling he misused emergency powers to bypass Congress.
Adding to the uncertainty, U.S. Treasury Secretary Scott Bessent said that the trade talks between the United States and China are 'a bit stalled' and that there should be a call between the President and his counterpart Xi Jinping at some point in the next weeks, given the complexities involved.
Markets now await cues from an upcoming OPEC+ meeting on Saturday, where a further increase in oil production is anticipated.
Members of the oil cartel are expected to authorize another bumper production increase for July after agreeing 411,000 barrels-per-day hikes at the previous two meetings.
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