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19h ago

Oil Prices Hold Steady as Markets Eye U.S.-China Trade Talks and OPEC+ Output Plans

Brent crude remains at $61.12 per barrel while WTI edges to $58.12, with investors assessing upcoming negotiations in Switzerland and OPEC+ production strategies.

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Picture taken May 16, 2017. REUTERS/Stringer/File Photo
A drone view of an oil tanker at Petrobras distribution terminal operated by Transpetro, the largest oil and gas transportation company of Brazil in Sao Sebastiao, in the state of Sao Paulo, Brazil January 4, 2025. REUTERS/Jorge Silva/File Photo
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Overview

  • Oil prices showed little movement, with Brent crude at $61.12 a barrel and WTI at $58.12, following recent volatility tied to trade and supply factors.
  • U.S. Treasury Secretary Scott Bessent is set to meet China's Vice Premier He Lifeng on May 10 in Switzerland to address trade disputes impacting global economic growth and oil demand.
  • OPEC+ plans to increase oil production, adding downward pressure on prices, while a Reuters survey found April output slightly declined due to drops in Libya, Venezuela, and Iraq.
  • U.S. gasoline inventories rose last week, raising concerns among analysts about weaker-than-expected demand ahead of the summer driving season.
  • A new U.S.-Britain trade deal reduces tariffs on imports, introducing a potential positive factor for demand forecasts amid broader trade uncertainties.