🛢️ Current Crude Oil Prices

• Brent Crude: Up 0.7% to $62.55 per barrel

• West Texas Intermediate (WTI): Up 0.7% to $59.67 per barrel

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🔍 Factors Driving Price Increase

1. Potential Easing of US-China Trade Tensions:

Statements from the Chinese Ministry of Commerce expressing openness to tariff negotiations with the US have boosted market sentiment, reducing concerns about a global economic slowdown and oil demand.

2. US Sanctions Threat Against Iran:

US President Donald Trump has threatened to impose secondary sanctions on buyers of Iranian oil, which could tighten global supply and push prices up.

3. OPEC+ Plans to Increase Production:

Several OPEC+ members are scheduled to meet on May 5 to discuss plans to increase production in June, which could impact the supply and demand balance in the market.