At the time of writing, U.S. West Texas Intermediate (WTI) crude futures were down 1.50% at $60.03 per barrel.

Crude oil prices declined by nearly 1.5% on Friday after President Donald Trump reignited trade tensions with China, saying that they “totally violated” a preliminary deal with the U.S.

At the time of writing, U.S. West Texas Intermediate (WTI) crude futures fell 1.50% to $60.03 per barrel. Brent futures declined 1.44% to $62.44 per barrel.

Friday’s decline in crude oil prices comes on the heels of Trump’s tariff block being stayed on Thursday. This means the President’s tariff war is back on track again.

Earlier in the day, Trump called out China for violating a preliminary trade deal with the U.S., stating that the Xi Jinping-led government did not honor its end of the bargain.

“The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!” he wrote on Truth Social.

This comes after a preliminary deal struck between the U.S. and China earlier this month, pausing most of the tariffs between the two countries for a 90-day period.

The Organization of the Petroleum Exporting Countries (OPEC) is also expected to announce a third consecutive hike of 411,000 barrels in July–it had hiked output by these levels in May and June.

OPEC+ also agreed to reaffirm the crude oil production levels for OPEC and non-OPEC participating countries as undertaken during a December meeting of the alliance.

The United States Oil Fund LP (USO) fell 1.49%, while the ProShares Ultra Bloomberg Crude Oil (UCO) declined 3.13% at the time of writing.

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