Global oil price today May 30 2025 Brent crude hits $63.95
According to webangah News Agency, expectations of increased production by the OPEC+ alliance in July and market instability caused by new U.S. tariffs have pushed oil prices toward thier second weekly decline.
North sea Brent crude dropped 20 cents (0.31%) to $63.95 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 23 cents (0.38%) to $60.71 per barrel.
Both benchmarks have declined by 1.5% over the past week.
The primary driver behind this price drop is the anticipated increase in oil supply, with investors expecting another production hike from OPEC+ members during their Saturday meeting.
Global oil oversupply has reached 2.2 million barrels per day, prompting JPMorgan analysts to warn that policy changes are needed to restore market balance.
The bank’s analysts predict oil prices will remain at current levels in the short term before settling between $50-$60 per barrel by year-end.
In the U.S., federal court rulings have upheld President trump’s tariffs, ensuring continued trade war instability that has already driven oil prices down over 10% since April 2 when new tariffs were announced as part of what Trump called “Liberation Day.”
The trade conflict has further darkened demand outlooks after Washington ordered numerous companies to halt shipments of products like ethane and butane to China without new licenses – revoking previously granted special permits for certain suppliers.
Temporary demand growth occurred during recent U.S Memorial Day holiday travel but failed to offset broader market concerns about recession risks from prolonged tariff wars.
