Oil prices turned higher during Friday’s trading, even as Brent crude heads for a second consecutive weekly loss, amid market anticipation of a meeting among eight members of the "OPEC+" alliance scheduled for Saturday and ongoing uncertainty surrounding U.S. trade policy.
Futures for benchmark Brent crude for July delivery — with the contract expiring today — rose by 0.8%, or 50 cents, to $64.65 per barrel. The more actively traded August contract increased by 1% to $64 per barrel.
Meanwhile, U.S. West Texas Intermediate (WTI) crude for July delivery climbed by 1.15%, or 70 cents, to $61.64 per barrel as of 2:35 p.m. Mecca time.
Brent is on track to post losses for the second week in a row, amid expectations that some "OPEC+" countries may increase production for July, a topic likely to be discussed at Saturday’s meeting of eight alliance members.
Analysts at JPMorgan noted in a memo that the potential increase in "OPEC+" output comes at a time when the global surplus has widened to 2.2 million barrels per day, likely necessitating a price adjustment to stimulate demand.
On the trade front, a U.S. federal appeals court has temporarily reinstated former President Trump's tariffs, overturning a trade court ruling that had previously suspended them on grounds that the president lacked the authority to impose such measures
