Oil prices fell below the key $70 per barrel mark last week as increased output from OPEC+ eased supply concerns, while renewed U.S. tariff threats under President Donald Trump weighed on global demand expectations.
Brent crude settled at $68.60 per barrel on Friday, down 2% for the week, while West Texas Intermediate fell 2.3% to $66. Increased production from OPEC+ was a major factor, with the group’s June output rising by 220,000 barrels per day to 27.023 million bpd. The wider OPEC+ alliance raised production by 349,000 bpd to 41.56 million bpd.
OPEC maintained its 2025 demand forecast of 105.13 million bpd, expecting a 1.3 million bpd increase this year. However, analysts warn that stable demand alongside rising supply has deepened fears of a surplus, putting downward pressure on prices.
The mood was further affected after President Trump announced new 30% tariffs on all imports from the European Union, escalating trade tensions. The tariffs take effect on 1 August and add to existing sector-specific duties.
Neil Crosby, senior oil analyst at Sparta, said that macroeconomic concerns such as high U.S. inflation and trade frictions are weighing on prices. He expects oil to hover around the $70 mark unless more drastic events occur, noting geopolitical risks in Iran could push prices higher.
Osama Rizvi from Primary Vision noted that OPEC+ is producing above its quota by 830,000 bpd, while U.S. supply remains strong despite lower prices. Demand remains weak, as shown by rising U.S. distillate stockpiles during the summer driving season. He forecasts prices will stay mostly between $66 and $68 for the rest of the year.
Palash Jain, Middle East oil market expert at Facts Global Energy, said prices will continue to fluctuate within the $66 to $70 range. Although market fundamentals suggest upward pressure, Trump’s tariff threats keep a lid on any sharp price rises.
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Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand.
Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend.
Ukraine has welcomed the European Union’s decision to provide €90 billion in support over the next two years, calling it a vital lifeline even as the bloc failed to reach agreement on using frozen Russian assets to finance the aid.
European Union foreign policy chief Kaja Kallas has warned that attempts to reach a peace agreement in Ukraine are being undermined by Russia’s continued refusal to engage meaningfully in negotiations.
Petroleum products are being transported by rail from Azerbaijan to Armenia for the first time in decades. The move is hailed as a tangible breakthrough in efforts to normalise relations between the long-time rivals.
U.S. President Donald Trump delivered a wide-ranging address from the White House in which he sought to highlight what he described as his administration’s achievements while laying the groundwork for his plans for the year ahead and beyond, on Wednesday (18 December).
A rare pair of bright-green Nike “Grinch” sneakers worn and signed by the late NBA legend Kobe Bryant have gone on public display in Beverly Hills, ahead of an auction that could set a new record for sports memorabilia.
Warner Bros Discovery’s board rejected Paramount Skydance’s $108.4 billion hostile bid on Wednesday (17 December), citing insufficient financing guarantees.
Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from its battery-powered ambitions amid declining EV demand and changes under the Trump administration.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
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