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Oil prices steadied in Asian trading on Friday after sharp losses the previous day, as investors assessed new U.S. tariff threats and closely watched signals from OPEC+ on future supply levels.
Brent crude futures for September delivery rose 0.5% to $69.01 per barrel, while West Texas Intermediate (WTI) crude gained 0.7% to $67.00 by 01:47 GMT. Both benchmarks dropped nearly 2% on Thursday after touching two-week highs earlier in the week.
Investor sentiment was shaken after U.S. President Donald Trump announced a 35% tariff on Canadian imports, effective August 1. He warned of further increases if Canada retaliates. This follows Trump’s recent tariff hikes—25% on goods from South Korea and Japan, and 50% on copper imports.
Tariff tensions typically weigh on oil demand by disrupting trade, curbing industrial activity, and slowing travel—key drivers of crude consumption. Analysts at ING highlighted tariffs as a key downside risk to global oil markets.
Meanwhile, supply-side concerns remain in focus. A Bloomberg report said OPEC and its allies (OPEC+) are considering pausing production increases after completing a planned supply boost in August. The group is set to restore 2.2 million barrels per day by September, with the final 550,000 barrels coming next month.
OPEC+ also revised down its global oil demand forecast through 2028, citing China’s slowing economy. Analysts expect oil prices to face more sustained downward pressure starting in the fourth quarter, as markets move into a potential surplus.
Despite short-term support, both geopolitical tensions and shifting supply-demand dynamics are likely to drive volatility in crude oil prices through the remainder of the year.
