Oil steady amid likely OPEC+ production increases

Oil drilling rigs

Oil held steady today, April 24, after falling 2% in the previous session on reports that several OPEC+ countries were considering accelerating production increases in June for the second consecutive month, despite concerns about shrinking Iranian supplies.

Brent crude was trading at $66.05 a barrel, at 8:57 am Makkah time. West Texas Intermediate (WTI) crude was at $62.23 a barrel.

Several OPEC+ members are considering submitting a proposal to accelerate oil production for the second consecutive month in June, after the alliance had previously decided to increase production by 411,000 barrels per day in May, Reuters reported, citing sources.

US President Donald Trump is seeking to open negotiations with China, with The Wall Street Journal reporting that the White House is prepared to reduce tariffs on Chinese goods to 50%.

This could increase expectations for a rise in oil demand, as the escalating trade war has raised concerns about US and global economic growth, negatively impacting crude demand growth.

The White House also confirmed to CNBC that Trump is considering exempting automakers from some of the tariffs announced by his administration.