Brent crude settled down $2.03 (2.83%) at $69.67, while U.S. West Texas Intermediate (WTI) fell $1.93 (2.79%) to $67.33. Despite Friday’s losses, Brent posted a weekly gain of nearly 6%, and WTI rose 6.29% for the week.
OPEC+ may agree as soon as Sunday to raise production by 548,000 barrels per day in September, according to sources familiar with the talks, though a smaller increase is still possible.
The downside pressure was compounded by a weaker-than-expected U.S. jobs report, which showed just 73,000 jobs added in July, pushing unemployment up to 4.2% from 4.1%. Analysts noted that the Federal Reserve’s decision to hold interest rates steady on Wednesday has drawn criticism from President Trump and Republicans, who argue the Fed is misjudging the economic climate.
Trade policy continued to shape market outlooks. On Thursday, Trump signed an executive order imposing tariffs of 10% to 41% on imports from countries that missed the August 1 trade deal deadline, including Canada, India, and Taiwan. Countries like the EU, South Korea, Japan, and the UK secured agreements and avoided penalties.
Despite the day’s drop, broader bullish sentiment remained due to geopolitical risks. Trump’s threat to impose 100% secondary tariffs on Russian crude buyers has raised concerns of disrupted trade flows. JP Morgan analysts noted that up to 2.75 million bpd of Russian oil exports could be at risk, especially if major buyers China and India face penalties.