WTI remains below $60.50 as US federal appeals court temporarily reinstates Trump tariffs

• WTI price depreciates due to weaker market sentiment following the ruling allowing Trump tariffs from taking effect.
• OPEC+ may decide on a July Oil production hike on Saturday.
• EIA Crude Oil Stocks Change showed a 2.8-million-barrel decline in the previous week.

West Texas Intermediate (WTI) Oil price extends its losses for the second successive session, trading around $60.30 per barrel during the Asian hours on Friday. Crude Oil prices struggle on dampened market sentiment after the US Court of Appeals for the Federal Circuit in Washington temporarily allowed the most sweeping of President Donald Trump's tariffs on Thursday.

On Wednesday, a three-judge panel at the Court of International Trade in Manhattan halted US President Donald Trump from imposing "Liberation Day" tariffs from taking effect. The federal court found that Trump exceeded his authority in imposing broad import tariffs and declared the executive orders issued on April 2 unlawful.

The OPEC+ group, Members of the Organization of the Petroleum Exporting Countries and its allies, is expected to meet on Saturday to decide on a July oil production hike. The group is also trying to ensure that countries exceeding their agreed production, such as Kazakhstan, cut their output.

Moreover, the demand outlook for crude Oil was also hit by the contraction in the United States (US) economy. The preliminary Gross Domestic Product Annualized contracted by 0.2% in the first quarter, slightly better than the expected decline of 0.3%.

However, Energy Information Administration (EIA) Crude Oil Stocks Change showed a surprise 2.8-million-barrel draw in US crude inventories for the week ending on May 23, driven by strong seasonal demand.