Oil prices fall as markets await OPEC+ decision and assess U.S. tariff rulings

Oil prices decline Friday morning as market weighs U.S. tariff rulings and awaits OPEC+ decision.

Oil prices are falling on Friday morning as market participants assess a series of U.S. court rulings on import tariffs and await a decision by the OPEC+ alliance regarding the pace of production increases in July.

As of this writing, July futures for Brent crude on the London ICE Futures exchange were down by $0.20 (0.31%) to $63.95 per barrel.

Trading in the July Brent contracts will expire on Friday. Meanwhile, the more actively traded August futures dropped by $0.19 (0.32%) to $63.15 per barrel.

July WTI crude futures on the New York Mercantile Exchange (NYMEX) also declined by $0.21 (0.34%) to $60.73 per barrel.