Oil steady near $61 as tariff turmoil and weak GDP stir caution

WTI Crude Oil futures hovered near $61 per barrel on Friday, heading for a second weekly loss as market sentiment remained shaky amid tariff uncertainty and soft US economic data. A US court?s move to reinstate Trump-era tariffs added to volatility, while Q1 GDP contraction stoked demand concerns. Still, a surprise 2.8 million barrel drop in US crude inventories lent some support. At 440.4 million barrels, US crude oil inventories are about 6% below the five-year average for this time of year. Total motor gasoline inventories decreased by 2.4 million barrels from last week and are about 3% below the five-year average for this time of year. Both finished gasoline inventories and blending components inventories decreased last week.

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