Oil prices down $2 as market reacts to concerns about increased supply and weaker US data

The price of Brent crude oil at the end of Friday's session was $69.67 per barrel, down $2.03 (2.83%). U.S. WTI crude oil ended the day at $67.33, down $1.93 (2.79%). Despite Friday's declines, the balance of the week remained positive, with Brent crude gaining approximately 6% and WTI gaining 6.29%.

Reuters sources familiar with OPEC+ negotiations say the cartel may decide on Sunday to increase production by 548,000 barrels per day starting in September. Another source said negotiations are still ongoing, and the scale of the increase may ultimately be smaller.

Data from the U.S. Department of Labor show that 73,000 jobs were added in July, while analysts expected a better result. The unemployment rate rose to 4.2% from 4.1%.

The oil market has been reacting all week to concerns about new US trade tariffs on foreign partners, which are set to take effect next Friday. Donald Trump signed an order on Thursday imposing tariffs ranging from 10% to 41% on imports from dozens of countries, including Canada, India, and Taiwan, that failed to reach a trade agreement by the August 1st deadline. Agreements were reached with countries including the European Union, South Korea, Japan, and the United Kingdom.