New York: Oil prices were on track to end the week down more than 1% on Friday amid whipsawing tariff rulings in the United States and as the market braced for a potential OPEC+ output hike. Brent crude futures slipped 26 cents, or 0.41%, to $63.89 a barrel. US West Texas Intermediate crude fell 27 cents, or 0.44%, to $60.67 a barrel.
According to Qatar News Agency, in the US, tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. The block had sent oil prices falling more than 1% on Thursday as traders weighed its effects. Analysts said uncertainty would remain as the tariff battles worked their way through the court system.
Meanwhile, members of the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, are expected to decide on a July oil production hike when they meet on Saturday.