Oil prices inch up as US‑China trade tensions show signs of easing
Oil prices on exchanges in the United States are rising. Investors are analyzing the impact of supply from the OPEC+ oil cartel and trade tensions between the USA and the People's Republic of China. However, there are signals from the Washington-Beijing line of a potential de-escalation.
On the New York Mercantile Exchange, oil prices have noted a slight increase. A barrel of West Texas Intermediate crude for June delivery currently costs $62.33 USD, marking an increase of 0.10 percent. Meanwhile, Brent on ICE is priced at $66.17 USD per barrel, after a rise of 0.08 percent.
Investors are closely watching the actions of OPEC+ alliance countries concerning oil supply. Several producers from this group express a desire to increase deliveries, but disputes arise concerning adherence to the established quotas.
Particularly, Kazakhstan, which does not adhere to production limits, is causing dissatisfaction in Saudi Arabia. Analysts point out that such tensions could lead to an escalation of the price war in the oil market.
Earlier, oil prices on the New York Mercantile Exchange noted an increase after significant drops on Monday, which were the result of President Donald Trump's criticism directed at the actions of the Federal Reserve and its Chair Jerome Powell.
US-China trade relations
On the trade front between the United States and China, there are signals of a possible easing of tensions. President Donald Trump announced that the USA aims to reach a fair deal with the People's Republic of China.
In the coming weeks, new tariffs for China may be introduced, and the Trump administration is considering lowering tariffs on auto parts before May 3rd. Note that all times mentioned are in Eastern Time.
