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Oil prices edged higher Friday but held onto a loss for the week as President Donald Trump threatened a 50% tariff on the European Union starting June 1, raising worries about prospects for
oil demand. Traders also continued to worry about the potential for another “bumper-sized OPEC+ output hike in July,” which has put U.S. benchmark prices on course for the first weekly
decline in three weeks, said Han Tan, chief market analyst at Exinity. Some members of OPEC+ will meet on June 1 to discuss output levels for July. “The prospects of a global oversupply left
oil benchmarks unable to sustain the midweek spike following news of a potential strike to Iranian nuclear facilities,” Tan said. Further evidence of weakening global demand and greater
incoming supplies, meanwhile, could eventually lead to another dip into sub-$60 territory in the near term, but year-to-date lows around the mid-$50s region have shown strong support to
“repel” WTI bears over the past month.
