Brent crude oil futures dropped 3% below $70 per barrel on Friday, pressured by expectations that OPEC+ may approve another output increase at its Sunday meeting.
The group is reportedly discussing a potential boost of up to 548,000 barrels per day in September, though the final figure is still under debate.
OPEC+ has shifted from years of supply cuts to production increases this year, largely in response to pressure from President Donald Trump, who has called for more oil to cap gasoline prices.
Adding to bearish sentiment, Trump signed an executive order imposing new tariffs ranging from 10% to 41% on imports from countries like Canada, India, and Taiwan that failed to finalize trade deals by his August 1 deadline.
At the same time, US job growth has slowed, adding to global economic concerns.
Still, oil remains up over 3% for the week, partly due to Trump’s threat of 100% secondary tariffs on Russian oil buyers, heightening fears of supply disruptions.