08:53 AM EDT, 05/30/2025 (MT Newswires) -- Oil prices eased early on Friday, moving lower on the prospect of surplus supply as the market awaits final court decisions on the legality of blanket U.S. tariffs on the country's trading partners.

West Texas Intermediate crude for July delivery was last seen down US$0.52 to US$60.42 per barrel, while July Brent crude was down US$0.26 to US$63.89.

Prices have been rangebound for most of May but the outlook remains bearish as traders eye the prospect of rising supply. OPEC+ is adding another 411.000 barrels per day of supply to the market next month, and the group will meet on June 1, where it expected to add a similar hike or higher in July as it returns 2.2-million barrels per day of voluntary production cuts made by eight members to market.

"The path of least resistance is still pointing lower in an oil market overwhelmingly being governed by supply-side dynamics, with the pace, rigor, and price point at which US production is pressured still being the most highly contested factor," RBC Capital Markets noted.

The production hikes come as the global economy slows as U.S. President Donald Trump's trade wars continue. The U.S. Court of International Trade on Wednesday struck down most of Trump's tariffs on U.S. trading partners but the levies were restored by an appeals court on Thursday as the Administration looks to reverse the ruling.

"Despite the temporary reprieve, one must not be mistaken. The administration will fight back on every imaginable front to overturn the decision of the federal court, chaos will ensue, and volatility will remain. The provocative 'TACO' acronym - Trump Always Chickens Out- will not apply. Uncertainty and unpredictability will stay. In these circumstances, it is reasonable and even necessary to take regular snapshots and attempt to determine how the latest twists and turns could impact our market," PVM Oil Associates noted.