A slight climb of oil after it descends 2% due to a possible increase in OPEC+ production

Oil prices recorded an increase in early trading on Thursday, after they decreased by two percent in the previous session, as investors are assessing the impact of a possible increase in OPEC+ production in light of signaling signals on customs duties from the White House and the ongoing nuclear talks between the United States and Iran.

Market

Brent crude futures rose six cents, equivalent to 0.09 percent to $ 66.18 a barrel by 0038 GMT, and US West Texas Intermediate crude increased seven cents or 0.11 percent to $ 62.34 a barrel, according to Reuters data.

Prices decreased two percent in the previous session after Reuters reported, citing three sources that a number of OPEC members+ will suggest that the group accelerate the pace of increased oil production for the second month in a row in June.

It was previously the commitment to production classes in dispute between the members.

Prices received some support from indicators that the United States and China may come close to the conclusion of commercial talks.

Wall Street Journal reported that the White House is ready to reduce customs duties on China to 50 percent to open the door for negotiations.

US Treasury Secretary Scott Besent said on Wednesday that the current customs duties are not sustainable, and it can be reduced before the start of trade talks between the two sides, but it did not specify a number.

However, White House spokeswoman Caroline Levit said in an interview with Fox News on Wednesday that there would be no unilateral reduction of customs duties on Chinese goods.

Analysts at Restad Energy said that the continuation of the trade war between the United States and China may reduce the growth of Chinese demand for oil to half this year, to reach 90 thousand barrels per day from 180 thousand barrels per day.

The Financial Times reported on Wednesday that Trump is studying customs exemptions on auto parts from China.

The United States and Iran are scheduled to hold a third round of talks at the beginning of the week regarding a possible agreement to re -restriction on Tehran to enrich uranium, which may cause pressure on oil prices.

The market is monitoring the talks in search of any indication that the American -Iranian rapprochement may lead to the reduction of sanctions on Iranian oil and the increase of supply.

But on Tuesday, the United States imposed new sanctions on the Iranian energy sector, which was described by the Iranian Foreign Ministry spokesman as “lack of goodwill and seriousness” regarding dialogue with Tehran.