Oil prices headed for a weekly loss of more than 1%

Oil prices are headed for a weekly loss of more than 1%, amid US legal uncertainty regarding tariffs and anticipation of the OPEC+ meeting.

Brent crude futures fell 26 cents to $63.89 a barrel, while West Texas Intermediate crude fell 27 cents to $60.67.

A US federal appeals court reinstated President Donald Trump’s tariffs, after a trade court suspended them a day earlier. This surprise decision caused oil prices to fall more than 1% on Thursday as traders assessed the potential repercussions.