09:19 AM EDT, 08/01/2025 (MT Newswires) -- Oil prices were steady early on Friday ahead of a weekend meeting of OPEC+ ministers who are expected to approve a second 549,000 barrel per day of production hikes in September, adding more oil to an already over-supplied market, even as the market assesses the impact of new tariffs levied on U.S. imports by President Donald Trump on Thursday.

West Texas Intermediate crude oil for September delivery was last seen up US$0.05 to US$69.31 per barrel, while October Brent crude was down US$0.08 to US$71.62.

OPEC+ oil ministers will meet this weekend to approve September production levels, with the group expected to approve another monthly hike of 549,000 barrels per day, completing the return of 2.2-million barrels per day of production cuts that began in May.

The additional supply comes as major forecasting agencies say global inventories are on the rise as demand growth eases amid a global economy that is weakening under capricious U.S. tariff policies, OPEC+ contends it has had no issues finding customers for the additional supply.

"Multiple ministers and NOC executives stated that the additional volumes are being absorbed and that demand is holding up better than market expectations, especially in Asia," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.

Still, markets remain uncertain after Trump's Thursday announcement of new tariffs on U.S. imports from dozens of countries, including a 35% levy on imports from Canada not covered by existing tariffs, 39% on Switzerland imports and 30% on South African products.

"US President Trump signed an executive order imposing reciprocal tariffs between 10% and 41% on U.S. imports from various countries. India's exports to the U.S. face a 25% tariff, Taiwan's 20%, Switzerland's a staggering 39%, and South Africa's 30%. Additionally, Trump raised tariffs on Canadian goods from 25% to 35%, according to the White House," Saxo Bank noted.