Agencies – Details Press
Oil prices rose slightly on Monday, but remained affected by uncertainty over trade talks between Washington and Beijing, which casts a shadow over global growth prospects and fuel demand.
US West Texas Intermediate crude futures for June delivery rose 0.46% to $63.31 a barrel.
Meanwhile, Brent crude futures for the same month rose 0.40% to $67.14 a barrel, according to trading data.
Michael McCarthy, CEO of the online trading platform Momo Australia, said that “The absence of news is pushing oil prices up modestly as traders take short positions ahead of a potential OPEC+ supply increase and a significant increase in US production.”
The markets are also eyeing the prospect of increased supplies of black gold from OPEC+ countries. Members of the group are expected to propose that OPEC+ accelerate oil production increases for the second consecutive month when they meet on May 5.
Expectations of increased supply and concerns about the impact of tariffs on the global economy caused Brent and West Texas Intermediate crude oil to fall by more than 1% last week.
