Oil prices rose slightly in early trading on Monday but remained pressured by uncertainty surrounding U.S.-China trade talks, which continue to cast a shadow over global growth prospects and fuel demand. Additionally, the potential for increased supply from OPEC+ added to the prevailing pessimism.
اضافة اعلان
As of 00:25 GMT, Brent crude futures had risen by nine cents to $66.96 per barrel, while U.S. West Texas Intermediate (WTI) crude futures also gained nine cents to $63.11 per barrel.
Michael McCarthy, CEO of online trading platform Momo Australia, said, "The lack of news is leading to a modest rise in oil prices, as traders are taking short positions ahead of a possible increase in OPEC+ supply following the May 5 meeting and a significant rise in U.S. production."
Some members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies—collectively known as OPEC+—are expected to propose accelerating oil production hikes for a second consecutive month during their meeting on May 5.
Expectations of increased supply and concerns over the impact of tariffs on the global economy caused Brent and WTI crude prices to fall by more than one percent last week.
The market has also been unsettled by conflicting signals from U.S. President Donald Trump and China regarding progress in easing the trade war, which threatens to hinder global economic growth.
In the latest remarks from Washington, U.S. Treasury Secretary Scott Besant on Sunday did not endorse President Trump's claim that negotiations with China were underway. Earlier, Beijing had denied that any talks were taking place.
Investors are also closely monitoring nuclear negotiations between Iran and the United States taking place in Oman this week. Iranian Foreign Minister Abbas Araqchi stated that he remains "extremely cautious" about the success of the talks.
— (Reuters)
