Oil Prices Bounce Back Despite Conflicting Market Influences

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.