Overview

• Crude oil prices have risen modestly, with Brent crude at $67.03 per barrel and WTI at $63.22, supported by tight physical markets and short covering by traders.
• Confusion over U.S.–China trade negotiations persists, as Treasury Secretary Scott Bessent denied ongoing talks despite President Trump's claims of progress.
• OPEC+ members are expected to propose accelerating production increases during their May 5 meeting, adding to concerns about potential oversupply.
• No trade agreements were reached during last week's IMF–World Bank Spring Meetings, prolonging uncertainty over global economic growth and fuel demand.
• Geopolitical factors, including Iran nuclear negotiations and a deadly explosion at Iran's Bandar Abbas port, add further complexity to market dynamics.