Oil prices edged higher on Monday, although uncertainty surrounding U.S.-China trade talks and the potential for increased supply from OPEC+ kept market sentiment cautious.
As of 0742 GMT, Brent crude futures rose by 21 cents, or 0.3%, to $67.08 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 24 cents, or 0.4%, to $63.26 per barrel. Both benchmarks saw modest increases for the third consecutive session.
Michael McCarthy, CEO of online trading platform Moomoo Australia, explained, “The absence of news is pushing oil prices slightly higher, as traders remain short ahead of the May 5 meeting, where OPEC+ could decide to increase supply further.”
OPEC+ members are expected to discuss accelerating oil output hikes for the second month in a row at their upcoming meeting on May 5. The prospect of an oversupply, combined with concerns about the impact of tariffs on global growth, caused both Brent and WTI to drop more than 1% last week.
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