Oil Prices Steady as Investors Weigh Trade Talks and OPEC+ Moves
Oil prices held steady on Monday as investors balanced uncertainty over U.S.-China trade negotiations, concerns about global growth, and potential supply increases from OPEC+.
Brent crude futures dipped 15 cents, or 0.22%, to $66.72 a barrel by 1204 GMT. U.S. West Texas Intermediate (WTI) crude slipped 16 cents, or 0.25%, to $62.86.
Although Brent posted small gains over the past two sessions, it still ended last week down more than 1% amid fears that tariffs could hit global demand.
Trade War Overshadows Oil Markets
“The U.S.-China trade war is the dominant force moving oil prices,” said John Evans of brokerage PVM, noting that tensions are overshadowing both Iran nuclear talks and internal OPEC+ disputes.
Conflicting signals from Washington and Beijing continue to unsettle markets. U.S. Treasury Secretary Scott Bessent on Sunday declined to confirm President Trump’s claim that trade negotiations were ongoing, while Beijing denied any talks were taking place.
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OPEC+ Output and Iran Tensions Add to Uncertainty
OPEC+ members are expected to propose accelerated output hikes for a second consecutive month when they meet on May 5.
“Sentiment has turned more bearish with OPEC+’s more aggressive unwind and doubts about cartel unity,” said BNP Paribas analyst Aldo Spanjer, predicting Brent prices will remain in the high $60s this quarter.
Meanwhile, Iran’s Foreign Minister Abbas Araqchi expressed caution over the outcome of ongoing U.S.-Iran nuclear talks in Oman. Separately, a deadly explosion at Iran’s Bandar Abbas port killed at least 40 and injured more than 1,200, according to state media.
Kosta Gushterov
Reporter at Coindoo
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