US oil prices edge up amid OPEC+ supply debates, trade hopes
Oil prices on US exchanges are rising. Investors are analyzing the impact of OPEC+ oil cartel supply and trade tensions between the USA and China. However, there are signs of potential de-escalation between Washington and Beijing.
On the New York Mercantile Exchange, oil prices noted a slight increase. A barrel of West Texas Intermediate crude for June delivery currently costs $62.33, marking an increase of 0.10 percent. Meanwhile, Brent on ICE is priced at $66.17 per barrel, following a rise of 0.08 percent.
Investors are closely monitoring the actions of OPEC+ alliance countries concerning oil supply. Several producers in this group express a desire to increase deliveries, leading to disputes over adherence to established quotas.
Kazakhstan, in particular, is causing dissatisfaction in Saudi Arabia due to its non-adherence to production limits. Analysts suggest that such tensions could lead to an escalation of the price war in the oil market.
Earlier, oil prices on the New York Mercantile Exchange increased after significant drops on Monday. These drops resulted from President Donald Trump's criticism of the Federal Reserve and its Chairman, Jerome Powell.
US-China trade relations
On the trade front between the United States and China, there are signals of a possible easing of tensions. President Donald Trump announced that the US aims to reach a fair deal with China.
In the coming weeks, new tariffs may be introduced for China. Additionally, the Trump administration is considering lowering tariffs on auto parts before May 3.
