Oil ascends about 1% with investors’ evaluation of a possible increase in the production of “OPEC +”

Oil prices increased in early transactions today, Thursday, after they decreased 2% of the previous session, as investors are assessing the impact of a possible increase in OPEC+ production in light of the conflict of signals on customs duties from the White House and the ongoing nuclear talks between America and Iran.

Brent crude futures rose 0.09% to $ 66.18 a barrel by 03:00 GMT, and Texas crude increased 0.11% to $ 62.34 a barrel.

Prices decreased 2% in the previous session after Reuters reported, citing 3 well -informed 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, and if the commitment to production shares is a dispute between members.

Prices received some support from indicators that Washington and Beijing are close to concluding commercial talks. Wall Street Journal said that America is ready to reduce customs duties on China to 50% to open the door for negotiations.

US Treasury Secretary Scott Besent said yesterday, 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 he did not specify a number, but White House spokeswoman Caroline Levit said in an interview with “Fox News” that there would be no unilateral reduction of customs duties on Chinese goods.

“The continuation of the trade war between America and China may reduce the growth of Chinese oil demand to half this year, to reach 90 thousand barrels per day from 180 thousand barrels per day, and” Financial Times “said on Wednesday that Trump is studying customs exemptions on imports of auto parts from China.

America 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 the Tehran program for uranium enrichment, which may cause pressure on oil prices, and the market monitors the talks in search of any indication that the American -Iranian rapprochement may lead to a reduction in sanctions on Iranian oil and increased supply.

But on Tuesday, Washington imposed sanctions on the Iranian energy sector, which he described as the Iranian Foreign Ministry spoke that it shows a lack of good faith and seriousness on dialogue with Tehran.