{"id":14363,"date":"2025-05-30T08:37:35","date_gmt":"2025-05-30T08:37:35","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=14363"},"modified":"2025-05-30T08:37:35","modified_gmt":"2025-05-30T08:37:35","slug":"brent-crude-oil-price-fell-to-63-94","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/14363\/","title":{"rendered":"Brent crude oil price fell to $63.94"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices were on track for a second consecutive weekly decline on Friday, weighed down by expectations of another OPEC+ output hike in July and fresh uncertainty after the latest legal twist kept U.S. President Donald Trump’s tariffs in place.<\/p>\n

Brent crude futures slipped 21 cents, or 0.33%, to $63.94 a barrel by 0626 GMT. U.S. West Texas Intermediate crude fell 22 cents, or 0.36%, to $60.72 a barrel. The Brent July futures contract is due to expire on Friday.<\/p>\n

Both contracts have fallen 1.3% so far this week.<\/p>\n

The downward trajectory largely stemmed from the prospect of rising supplies as investors priced in another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, when eight of its members meet on Saturday.<\/p>\n

“The stage is set for another bumper production increase,” Westpac’s head of commodity and carbon research, Robert Rennie, said in a note, potentially more than the 411,000 barrels-per-day hike decided on at the previous two meetings.<\/p>\n

The potential hike comes as the global surplus has widened to 2.2 million bpd, likely necessitating a price adjustment to prompt a supply-side response and restore balance, said JPMorgan analysts in a note.<\/p>\n

The analysts expect prices to remain within current ranges before easing into the high $50s by year-end.<\/p>\n

In the U.S., Trump’s tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court’s decision on Wednesday to put an immediate block on the most sweeping of the duties.<\/p>\n

The block pushed oil prices down more than 1% on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked through the courts.
\nOil prices have lost more than 10% since Trump announced his “Liberation Day” tariffs on April 2.<\/p>\n

On the demand front, recession worries fuelled by the tariff war have clouded the outlook. Adding to U.S.-China trade tension, Washington ordered a broad swathe of companies to stop shipping goods, including ethane and butane, to China without a license and revoked licenses already granted to certain suppliers.<\/p>\n

Global oil demand improved from the previous week, driven by a rebound in U.S. oil consumption with robust travel over the Memorial Day long weekend, the JPMorgan analysts noted.<\/p>\n

Still, the monthly expansion in global oil demand is tracking at approximately 400,000 bpd as of May 28, 250,000 bpd below expectations, the analysts said.<\/p>\n

Updated on