Oil prices rise amid economic uncertainty and concerns about OPEC+ actions.
Kyiv • UNN
Oil prices rose due to US-China trade talks and a possible increase in OPEC+ supply. Brent rose to $67.08, WTI to $63.26 per barrel.
Oil prices rose on Monday amid uncertainty over trade negotiations between the US and China. The situation is also complicated by possible decisions of OPEC+ to increase supply. This is reported by UNN with reference to Reuters.
Details
Brent crude futures rose 21 cents, or 0.3%, to $67.08 a barrel . US West Texas Intermediate crude rose 24 cents, or 0.4%, to $63.26 a barrel. Both indices are rising for the third session in a row.
The lack of news is pushing oil prices to a moderate increase, as traders are awaiting a potential increase in OPEC+ supply after a meeting to be held on May 5, and a significant increase in production in the US
Some members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, are expected to propose to the group at a meeting on May 5 to accelerate the increase in oil production for the second month in a row.
Expectations of excess supply and concerns about the impact of tariffs on the global economy led to a fall in Brent and WTI oil prices last week by more than 1%.
The market was shaken by conflicting signals from US President Donald Trump and Beijing regarding progress in de-escalating the trade war, which threatens global growth.
"Market players will remain in anticipation of a thaw in the trade war between the US and China as an opportunity to buy," said Vandana Hari, founder of Vanda Insights, an oil market analysis company.
In the latest comment from Washington, US Treasury Secretary Scott Bessent on Sunday did not confirm Trump's statement that negotiations with China were underway. Earlier, Beijing denied that such negotiations were taking place.
Many participants in the spring meetings of the International Monetary Fund and the World Bank said that the Trump administration is still contradictory in its demands on trade partners who have been affected by its large-scale tariffs.
Investors are also monitoring nuclear talks between Iran and the US in Oman, which are continuing this week. Iranian Foreign Minister Abbas Araqchi said he remains "extremely cautious" about the success of the talks.
In Iran, at least 40 people were killed and more than 1,200 injured in a powerful explosion at the largest port of Bandar Abbas, state media reported on Sunday.
Addition
Oil prices fell on Friday and were set to fall by more than 3% for the week amid concerns about oversupply and uncertainty surrounding US-China tariff talks.
