Oil turned lower after Kazakhstan said it will prioritize national interests over those of the OPEC+ alliance, a move that risks fueling further tensions within the cartel.
Brent futures were earlier up 1.8% before erasing that gain. Kazakhstan's newly appointed energy minister said the country is not able to reduce production at its three largest projects as they are controlled by international oil majors, Reuters reported.
Earlier this month the Organization of the Petroleum Exporting Countries and its allies unexpectedly announced plans to hike output at three times the pace previously expected in May. That move was designed to keep perennial overproducers like Kazakhstan in line with their targets.
Crude earlier traded higher after US President Donald Trump signaled a possible thaw in tensions with China and said he doesn't plan to fire Federal Reserve Chair Jerome Powell. In another bullish sign, the American Petroleum Institute reported that US crude stockpiles fell last week. Official data are due later.
Source: Bloomberg
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