Overview

• Oil prices recovered on Thursday after earlier losses, with Brent crude rising to $66.60 per barrel and WTI crude reaching $62.85, though both are set for a weekly decline.
• Several OPEC+ members are reportedly pushing for accelerated production increases in June, while Kazakhstan has openly defied the alliance by prioritizing national interests over quotas.
• U.S.-China trade tensions persist, with mixed signals on tariff reductions; the White House denies unilateral cuts while Treasury officials call current tariffs unsustainable.
• Geopolitical factors add to market uncertainty, including U.S.-Iran nuclear talks this weekend and new sanctions on Iran’s energy sector, as well as discussions of a potential Russia-Ukraine ceasefire.
• Analysts warn that increased global supply, combined with unclear demand projections due to economic and trade uncertainties, could sustain downward pressure on oil prices.