Oil prices were stable on April 28 as investors weighed up uncertainty over trade talks between the U.S. and China, clouding the outlook for global growth and fuel demand, as well as the prospect of OPEC+ raising supply.
Brent crude futures were down $0.15, or 0.22%, at $66.72/ bbl, as of 1204 GMT. U.S. WTI crude shed $0.16, or 0.25%, to $62.86/ bbl.
Brent futures rose marginally in the previous two sessions, but nonetheless marked a week-on-week decrease of over 1% on Friday on concerns about the impact of tariffs on the global economy.
The U.S.-China trade war is dominating investor sentiment in moving oil prices, said analyst John Evans of brokerage PVM, superseding nuclear talks between the U.S. and Iran and discord within the OPEC+ coalition.
Markets have been rocked by conflicting signals from U.S. President Donald Trump and Beijing over what progress was being made to de-escalate a trade war that threatens to sap global growth.
In the latest comment from Washington, U.S. Treasury Secretary Scott Bessent on April 27 did not back Trump's assertion that negotiations with China were under way. Earlier, Beijing denied any talks were taking place.
Some members of the OPEC and their allies, known as OPEC+, are expected to suggest that the group accelerates oil output hikes for a second consecutive month when they meet on May 5.
"Sentiment has turned more bearish since our forecast last month with OPEC+'s more aggressive unwind – and accompanying doubts about unity within the cartel – the key change," said BNP Paribas analyst Aldo Spanjer in a note.
BNP Paribas expects Brent in the high $60s/ bbl in the second quarter of this year, the note said.
Meanwhile, Iranian Foreign Minister Abbas Araqchi said he remained "extremely cautious" about the success of the negotiations, as nuclear talks between Iran and the United States in Oman which continue this week.
In Iran, a powerful explosion at its biggest port of Bandar Abbas has killed at least 40, with more than 1,200 people injured, state media reported on April 27.
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