US oil prices rise amid OPEC supply and trade negotiation
Oil prices in the United States are on the rise. Investors are analysing 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 indications of a potential de-escalation in the Washington-Beijing relationship.
On the New York Mercantile Exchange, oil prices noted a slight increase. A barrel of West Texas Intermediate crude for June delivery currently costs $62.33, marking an increase of 0.10 percent. Meanwhile, Brent on ICE is priced at $66.17 per barrel, following a rise of 0.08 percent.
Investors are closely watching the actions of OPEC+ alliance countries regarding oil supply. Several producers in 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, resulting from President Donald Trump's criticism directed at the actions of the Federal Reserve and its Chairman Jerome Powell.
US-China trade relations
On the trade front between the United States and China, there are signs 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 on China may be introduced, and the Trump administration is considering lowering tariffs on car parts before 3 May.
