The North Sea crude, a benchmark in Europe, closed the session on the Intercontinental Exchange trading 50 cents below the $68.80 with which it ended transactions on Thursday.
The Brent crude maintained its downward trajectory on the eve of the OPEC+ video conference. This group, comprising members of the Organization of the Petroleum Exporting Countries and allies like Russia, will convene this Saturday to decide whether to continue with plans to increase daily output in August by an additional 411,000 barrels per day, as done in the previous three months.
A further market influencing factor is Donald Trump’s decision regarding the imposition of increased tariffs on imports from countries lacking trade agreements. Trump announced he would start sending out letters on the matter today and intends to continue until the end of the moratorium he established on July 9.
