BEIJING: Oil prices ticked up early on Thursday after falling nearly 2% in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing U.S.-Iran nuclear talks.
Brent crude futures rose 6 cents, or 0.09%, to $66.18 a barrel by 0038 GMT, while U.S. West Texas Intermediate crude gained 7 cents, or 0.11%, to $62.34 a barrel.
Prices fell 2% in the previous trading session after Reuters reported that several OPEC+ members will suggest the group accelerates oil output increases for a second month in June, citing three sources familiar with the OPEC+ talks.
There had previously been disputes among the members over compliance with production quotas.
Signs that the U.S. and China could be moving closer to trade talks gave prices some support. The Wall Street Journal reported that the White House would be willing to lower its tariffs on China to as low as 50% in order to open up negotiations.
U.S. Treasury Secretary Scott Bessent said on Wednesday that current tariffs – 145% on Chinese products and 125% on U.S. products – were not sustainable and would have to come down before trade talks between the two sides, but he did not put a number on it. However, White House Press Secretary Karoline Leavitt said in an interview with Fox News on Wednesday that there would be no unilateral reduction in tariffs on goods from China.
