Crude oil prices edged up on Thursday after falling nearly 2% in the previous session as markets saw potential OPEC+ output increases on the back of tariff signals from the White House and ongoing US-Iran nuclear talks.
Brent crude futures rose 8 cents (0.12%) to $66.20 a barrel while West Texas Intermediate (WTI) crude rose 9 cents (0.14%) to $62.36 a barrel.
Prices fell 2% in the previous session after reports that some OPEC members suggested the group accelerate oil output increases for a second month in June.
Analysts said risk-on sentiment lifted most assets in yesterday's trading but oil lagged slightly due to the OPEC+ dispute.
Kazakhstan, which produces about 2% of global oil output, has repeatedly exceeded its quota throughout the year, saying it was in the national interest and not OPEC+, which has been setting production levels.
There have previously been disputes among OPEC+ members regarding compliance with production quotas, one of which resulted in Angola's exit from the organization in 2023.
