Oil prices dipped slightly during Asian trading hours on Friday as investors adopted a cautious stance ahead of this weekend’s OPEC+ meeting, which is expected to deliver guidance on August production levels.
Brent crude edged down 0.2% to $68.66 per barrel, while WTI slid 0.2% to $65.51, trimming earlier weekly gains.
Stronger-than-expected U.S. employment data boosted the dollar, placing pressure on crude prices. At the same time, traders remained focused on economic uncertainty tied to Trump’s controversial tax legislation and the looming July 9 tariff implementation deadline.
OPEC+ is widely expected to increase output by 411,000 barrels per day in August, further unwinding previous supply cuts. The move aligns with former President Donald Trump’s push for more global oil supply to curb rising prices.
On the geopolitical front, the U.S. imposed fresh sanctions on firms accused of disguising Iranian oil as Iraqi exports, lending modest support to oil markets. Although tensions between the U.S. and Iran remain elevated following recent airstrikes on Iranian nuclear facilities, diplomatic talks are expected to resume next week in Oslo, keeping investors on alert.