1226 GMT - Oil prices continue to decline as concerns over global trade tensions and excess crude supply weigh on sentiment. Brent crude falls 1% to $63.74 a barrel, while WTI is down 1.1% to 60.50 a barrel after President Trump said he is recommending a 50% tariff on goods from the EU starting on June 1. Meanwhile, traders are increasingly worried about next week's OPEC+'s meeting, with many now expecting another large output hike in July. The move "would threaten an even greater supply surplus on the oil market," says Barbara Lambrecht, commodity analyst at Commerzbank Research. "This is because there are no signs of a revival on the demand side." (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

May 23, 2025 08:27 ET (12:27 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.