Oil prices steadied in early trading on Friday following a 2% drop in the previous session that was driven by U.S. President Donald Trump's new tariffs, expected to hurt economic growth, and a cut to OPEC demand forecasts.

U.S. stock-market futures declined as the Trump administration said a broad swath of tariffs against U.S. trade partners won’t take effect until Aug. 1, rather than July 9.

OPEC+ attributed the production hike to steady global economic conditions and strong market fundamentals, pointing to low inventory levels as justification for the move.