May 30, 2025 – West Texas Intermediate (WTI) crude oil prices continued their downward trajectory for a second straight session on Friday, slipping to around $60.30 per barrel during Asian trading hours. The decline follows renewed trade policy concerns and a weakening U.S. economic outlook, which have clouded investor sentiment.
Crude markets came under pressure after the U.S. Court of Appeals for the Federal Circuit in Washington temporarily reinstated former President Donald Trump’s sweeping tariffs on Thursday. The decision comes in stark contrast to a ruling just a day earlier, when a panel from the Court of International Trade in Manhattan blocked the so-called “Liberation Day” tariffs, arguing that Trump had overstepped his executive authority by issuing the April 2 orders.
OPEC+ Meeting Looms Amid Supply, Compliance Questions
Investor attention is now turning to the upcoming OPEC+ meeting on Saturday, where the alliance of oil-producing nations is expected to deliberate on a potential production increase for July. The group is also addressing internal compliance issues, with countries like Kazakhstan under scrutiny for exceeding their output quotas. Any shift in the cartel’s supply strategy could significantly impact short-term oil price dynamics.
Mixed Signals from U.S. Economy and Inventories
Adding to the bearish tone, data from the U.S. Commerce Department showed the world’s largest economy contracted at an annualized rate of 0.2% in the first quarter. Although slightly better than the anticipated 0.3% decline, the negative growth figure has heightened concerns about near-term oil demand.
On a more supportive note, the Energy Information Administration (EIA) reported a surprise 2.8-million-barrel draw in U.S. crude inventories for the week ending May 23. The unexpected decline, attributed to increased seasonal demand, provided a temporary cushion for prices but was insufficient to reverse the broader downtrend.
