Oil prices climbed Thursday, with Brent crude up 01.19% to $66.91 and WTI up 1.46% to $63.18, recovering half of Wednesday’s losses.
Investors weighed potential OPEC+ output hikes in June, driven by Kazakhstan’s defiance of quotas, prioritizing national interests.
ING analysts noted, “Further disagreement between OPEC+ members is a clear downside risk, as it could lead to a price war,”
U.S.-China trade talk optimism, following reports of potential U.S. tariff cuts to 50%, bolstered prices, though China demands full tariff removal.
U.S.-Iran nuclear talks, alongside new sanctions, add uncertainty, as eased sanctions could increase Iranian oil supply, potentially capping price gains.
