Saturday, 13 September 2025
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Oil prices edge up after sharp drop as OPEC+ mulls faster output boost
Thursday, 24 April 2025 11:45 WIB | OIL |brent oil

Oil prices inched higher in Asian trade on Thursday following steep losses in the prior session, as investors digested reports that OPEC+ plans to further ramp up production in June.

The commodity was supported by signals of potential tariff negotiations between the U.S. and China.
Brent Oil Futures expiring in June edged 0.3% higher to $66.33 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.2% to $61.78 per barrel.

Both contracts settled nearly 2% lower on Wednesday in anticipation of increased supply from the Organization of the Petroleum Exporting Countries.

OPEC+ members eye faster output hikes - Reuters
Several OPEC+ nations are pushing to accelerate oil output hikes in June, extending May's surprise boost, as internal disputes over quota compliance deepen, Reuters reported Wednesday, citing sources familiar with the talks.

The proposed increase potentially matching May's 411,000 barrels per day rise comes as oil prices hover near four-year lows amid a U.S.-China trade war and oversupply concerns.

Eight OPEC+ countries will meet on May 5 to finalize the June plan, while divisions persist within the group, according to the report.

Saudi Arabia, frustrated by overproduction from Kazakhstan and Iraq, led the push for
May's accelerated increase, the report said.

Not all members are on board. Russia and others prefer slower, pre-agreed hikes to avoid further price declines, Reuters reported.

Signs of US-China tariff negotiations support oil
Despite the fall, oil prices were supported by expectations of potential tariff negotiations between the U.S. and China.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
The Wall Street Journal on Wednesday reported that the Trump administration is considering reducing tariffs on Chinese imports to de-escalate trade tensions.

Prior to this, Trump hinted at potential trade negotiations with China, saying a potential deal could lead to a "substantial" reduction in tariffs. But "it won't be zero," he added.

A reduction of duties could lead to increased economic activity in China, the world's largest crude importer.

US crude inventories jump unexpectedly - EIA
The U.S. Energy Information Administration (EIA) on Wednesday reported that crude oil inventories increased by 244,000 barrels to 443.1 million barrels for the week ending April 18, defying analysts' expectations of a 770,000-barrel draw.

Meanwhile, both gasoline and distillate inventories fell more than anticipated.

Gasoline stocks declined by 4.5 million barrels, surpassing the expected 1.4 million-barrel draw, while distillate inventories, including diesel and heating oil, dropped by 2.4 million barrels, far exceeding the forecasted 30,000-barrel decrease.

Source: Investing.com

RELATED NEWS
Oil gains weighed down by US demand worries...
Saturday, 13 September 2025 03:48 WIB

Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled a...

Oil Prices Rise as Ukrainian Drone Strikes Hit Key Russian Baltic Hubs...
Friday, 12 September 2025 19:23 WIB

Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose...

Oil prices steady as oversupply expectations offset production risks...
Friday, 12 September 2025 16:07 WIB

Oil prices held steady on Friday (September 12th) as concerns about oversupply and weakening U.S. demand offset the risk of supply disruptions stemming from conflicts in the Middle East and Ukraine. ...

Oil Holds Drop as IEA Puts Glut Back in Focus After OPEC+ Hikes...
Friday, 12 September 2025 07:04 WIB

Oil held a decline after the International Energy Agency projected an even bigger surplus next year, with the bearish outlook offsetting concerns about geopolitical tensions from the Middle East ...

Oil prices slide 2% on oversupply, weaker US demand...
Friday, 12 September 2025 01:54 WIB

Oil prices slid about 2% on Thursday on concerns over softening U.S. demand and broad oversupply that offset threats to output from the conflict in the Middle East and the war in Ukraine. Brent crude...

LATEST NEWS
EUR/USD steadies as Fed rate cut bets firm amidst US labor market concerns

EUR/USD remains steady during the North American session on Friday, poised to end the week with modest gains of over 0.18% as traders brace for the next week's monetary policy decision by the Federal Reserve (Fed). At the time of writing, the pair...

Bessent met with BlackRock's Rieder as search for next Fed chair continues

U.S. Treasury Secretary Scott Bessent met with BlackRock Inc executive Rick Rieder in New York on Friday, as the Trump administration continued its search for a new chair for the Federal Reserve, a source familiar with the matter said. Bessent has...

Oil gains weighed down by US demand worries

Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S....

POPULAR NEWS
IMF says Fed has scope to lower interest rates
Friday, 12 September 2025 01:38 WIB

The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...

Fed seen on course for rate cuts after PPI data
Thursday, 11 September 2025 01:30 WIB

The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...

Breaking News: US Annual PPI Inflation Falls to 2.6% in August, Compared to an Expected 3.3%
Wednesday, 10 September 2025 19:39 WIB

Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...

Breaking News: US CPI Inflation Rises to 2.9% in August, Matching Forecasts
Thursday, 11 September 2025 19:44 WIB

Annual inflation in the United States (US), as measured by changes in the Consumer Price Index (CPI), rose to 2.9% in August from 2.7% in July, the...