WTI Crude Falls Over 2.5% on OPEC+ Output Talks

WTI crude oil futures dropped 2.7% to settle at $67.3 per barrel on Friday, amid reports that OPEC and its allies may soon agree to increase production.

Sources familiar with OPEC+ discussions said a deal to raise output by 548,000 barrels per day in September could be finalized as early as Sunday, though talks on the exact volume are ongoing.

Market sentiment was also weighed down by President Trump’s newly signed tariffs on imports from dozens of countries, including Canada, India, and Taiwan, set to begin August 7.

At the same time, prices found some support from concerns over potential supply disruptions after Trump threatened 100% secondary sanctions on Russian oil buyers.

These measures could place up to 2.75 million barrels per day of Russian seaborne exports at risk, particularly to China and India.

The resolution of several trade deals and the possibility of further progress with China also helped limit losses.