Overview

• Brent crude futures traded around $63.90 per barrel and U.S. West Texas Intermediate fell near $60.67 as traders assessed reinstated tariffs and an anticipated OPEC+ supply boost.
• A federal appeals court temporarily reinstated President Trump’s broad tariffs, prolonging uncertainty over global demand for oil.
• U.S. crude inventories declined by 2.8 million barrels for the week ending May 23, marking the largest draw in nearly two months.
• OPEC+ delegates are set to meet Saturday and are expected to approve at least a 411,000-barrel-per-day increase for July, with sources indicating a larger hike could be considered because Kazakhstan refuses to cut output.
• Analysts in a Reuters poll have lowered their 2025 oil price forecasts as swelling OPEC+ supply and trade tensions weigh on demand projections.