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Oil Rebounds After Sharp Drop as Markets Weigh OPEC+ Plans and US-China Trade Signals

Published: 04-24-2025, 02:15 pm | Updated: 04-24-2025, 09:43 am

Oil prices made a modest recovery on Thursday, with Brent crude rising 1% to $66.78 and WTI gaining 1.2% to $63.02, following a 2% decline in the previous session.

The drop came after reports that several OPEC+ members plan to propose accelerated production increases for June. Market sentiment is being shaped by multiple factors, including potential US-China trade negotiations and US-Iran nuclear talks. While the Wall Street Journal reported the White House might reduce tariffs on Chinese goods to around 50%, conflicting statements from US officials have created uncertainty.

Treasury Secretary Scott Bessent acknowledged current high tariffs are unsustainable, but Press Secretary Karoline Leavitt stated there would be no unilateral reductions. Meanwhile, the third round of US-Iran talks scheduled for this weekend could eventually lead to sanctions relief and increased Iranian oil exports, though recent additional US sanctions on Iran’s energy sector suggest complications in the relationship.

Original Source: CNBC

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