Global oil price today June 1 2025 Brent crude hits $63.90
According to webangah News Agency, citing reuters, expectations of increased supply from the OPEC+ alliance for July pushed oil prices lower in Friday’s trading session.
North Sea Brent crude dropped by 25 cents (0.39%) to $63.90 per barrel, while U.S. West Texas Intermediate (WTI) crude declined by 15 cents (0.25%) to $60.79.
The price decline follows a Reuters report suggesting the OPEC+ coalition may reduce its July output beyond the previously agreed 411,000 barrels per day cut implemented for May and June.
The potential OPEC+ production increase comes as global oil oversupply reaches 2.2 million barrels per day. JPMorgan Chase analysts argue a price adjustment is needed to rebalance the market, predicting oil will remain near current levels in the short term before settling between $55-$60 per barrel by year-end.
Additional pressure on prices stems from former President Trump’s renewed threats of increased tariffs on Chinese imports.
Simultaneously occurring, U.S energy companies reduced active oil and gas rigs for the fifth consecutive week – reaching their lowest level since November 2021 according to Baker Hughes data showing a year-over-year decline of 37 rigs (6%).
