Oil Holds Decline With Focus On OPEC+ Supply And Tariff Outlook

Oil held a decline as investors weighed the prospect of more OPEC+ supply and the fallout from trade tensions between the US and China.Brent traded near $66 a barrel after sliding 2% on Wednesday, while West Texas Intermediate was above $62. Several members of the producer group will seek another bumper supply increase in June as a dispute over compliance to quotas worsens, Reuters reported, citing people familiar with the matter.

Growing strain within the group, particularly with Kazakhstan, have stoked fears of a price war. The Organization of the Petroleum Exporting Countries and its allies will hold a meeting on May 5 to decide what to do in June.Oil has dropped sharply this month on concerns that US tariffs and counter-levies from its biggest trading partners will hit economic activity and impact energy demand.



While there are signs of easing tensions between Washington and Beijing, Treasury Secretary Scott Bessent said that President Donald Trump hasn’t offered to take down duties on a unilateral basis. US Treasury Secretary Scott Bessent Says No Unilateral US Offer To Cut Tariffs On ChinaUS crude stockpiles, meanwhile, expanded by 244,000 barrels last week, according to government data. That compares with an industry report that indicated inventories had shrunk the most this year.

PricesBrent for June settlement was little changed at $66.19 a barrel at 8:48 a.m.

in Singapore.WTI for June delivery was steady at $62.32 a barrel after tumbling 3.

2% on Wednesday, the biggest loss in two weeks.Oil Traders Lurch From Praying For Volatility To Drowning In It. Read more on Markets by NDTV Profit.

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