Oil prices edged up in early Monday trade, supported by short-covering despite lingering uncertainty over U.S.-China trade talks and potential increases in OPEC+ supply. Brent crude rose 9 cents to $66.96 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 9 cents to $63.11 by 0025 GMT.
Michael McCarthy, CEO of Moomoo Australia, noted that "the absence of fresh news is pushing oil prices modestly higher" as traders brace for possible OPEC+ output hikes at the May 5 meeting and rising U.S. production. Some OPEC+ members are expected to propose accelerating production increases for a second straight month, adding to fears of oversupply.
Last week, Brent and WTI fell over 1% due to concerns that tariffs and a sluggish global economy could weaken fuel demand. Market sentiment remains shaky amid conflicting signals between U.S. President Donald Trump and Beijing regarding the progress of trade negotiations. U.S. Treasury Secretary Scott Bessent on Sunday declined to confirm Trump’s claims of ongoing talks, while China also denied any discussions.
Adding to geopolitical tensions, nuclear negotiations between Iran and the U.S. continue this week in Oman. Iranian Foreign Minister Abbas Araqchi expressed caution over the talks' prospects. Meanwhile, a massive explosion at Iran’s key port, Bandar Abbas, killed at least 40 and injured more than 1,200, intensifying regional instability.
In a separate development, U.S. officials urged Russia and Ukraine to advance peace talks following President Trump's meeting with Ukrainian President Volodymyr Zelenskiy at the Vatican.


Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility
Thailand Inflation Remains Negative for 10th Straight Month in January
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 



