Oil Prices Decline Amid U.S. Trade Uncertainty and OPEC+ Meeting
Current Oil Price Trends
Oil prices decreased in Asian trade with a weekly loss forecast.
Brent crude fell 0.4% to $63.89 per barrel, WTI fell 0.5% to $60.66.
Overall prices are expected to lose more than 1% this week.
Impact of U.S. Trade Tariffs
Uncertainty surrounding Trump’s trade tariffs heightens market volatility.
A federal court ruling blocked Trump's tariffs, but a swift appeal reinstated them.
Concerns grow over the tariffs' potential negative impact on economic growth and oil demand.
Upcoming OPEC+ Meeting
OPEC+ is expected to meet on Saturday to discuss possible production increases.
Recent expectations for a production hike have lessened after OPEC+ kept quotas unchanged.
Kazakhstan has rejected OPEC's calls for production cuts, adding further tensions.
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