Oil Declines as OPEC+ Supply Concerns Overshadow Tariff Relief

Oil declined as soft US economic data and concerns about rising supplies eroded the risk-on sentiment from a court ruling that blocked a swath of the Trump administration’s tariffs.

West Texas Intermediate fell 1.5% to settle near $61 a barrel after Interfax cited Kazakhstan as saying that OPEC+ is set to hike output at a meeting on Saturday, with the size of the increase still to be decided. Broader markets eased off of earlier highs on data showing the US economy shrank at the start of the year, further pressuring the commodity.