Brent crude oil futures fell over 1% to $63.5 per barrel on Friday, heading for a second weekly loss due to rising trade tensions ahead of the OPEC+ meeting.
President Trump reignited concerns by accusing China of breaking a recent trade deal to ease tariffs, though he didn’t provide details.
His comments raised fears of renewed trade friction between the world’s two biggest economies.
Meanwhile, focus turned to OPEC+, which is set to meet Saturday to decide July output levels.
Sources say the group may raise production by more than the previously planned 411,000 barrels per day, as key members like Saudi Arabia and Russia seek to regain market share and penalize members that have overproduced.
Kazakhstan’s refusal to cut output added to tensions, and may push the group toward a bigger supply boost. The extra output has already weighed on prices, raising concerns about oversupply in the months ahead.