• Federal appeals court decision revives trade policy concerns, creating headwinds for crude prices

• All eyes on OPEC+ meeting this weekend for potential supply adjustments

• Contradictory signals emerge from US inventory data and macroeconomic indicators

The energy markets remain volatile as West Texas Intermediate (WTI) crude continues trading below the psychologically significant $60.50 level during Friday's Asian session. This persistent weakness follows a federal court ruling that temporarily reinstated controversial trade measures, reigniting concerns about global economic growth prospects.

Market participants are digesting the implications of the US Court of Appeals for the Federal Circuit's decision to allow certain trade measures to take effect. This development comes just days after a lower court had blocked their implementation, creating uncertainty about the stability of international trade frameworks that influence commodity flows.

Energy analysts note that the crude market faces multiple crosscurrents this week. While the US Energy Information Administration reported an unexpected drawdown in inventories, suggesting robust demand, broader macroeconomic concerns continue to cap price gains. The preliminary GDP reading showing contraction added to the cautious sentiment among commodity traders.

This weekend's OPEC+ gathering represents the next major catalyst for oil markets. Delegates will debate production policy for July against this complex backdrop of shifting trade dynamics and mixed demand signals. Market watchers anticipate discussions about compliance mechanisms, particularly for members who have exceeded their production quotas in recent months.

The technical picture shows WTI struggling to maintain momentum above key moving averages, with the $59.80-$60.20 zone emerging as critical support. Trading volumes suggest many participants are adopting a wait-and-see approach ahead of the OPEC+ decision and clearer signals about global trade policy direction.