Oil prices experienced a slight increase in early trading on Monday; however, they continued to be hindered by uncertainty surrounding trade discussions between the U.S. and China, which are obscuring the forecast for global growth and fuel demand. Additionally, the possibility of OPEC+ increasing its supply contributed to a more pessimistic outlook. Brent crude futures and U.S. West Texas Intermediate crude experienced a modest increase for a third consecutive session, rising by 9 cents by 00:30 GMT to $66.96 and $63.11 a barrel, respectively.

Some members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, are anticipated to propose that the group intensifies oil output increases for a second consecutive month during their meeting on May 5. Anticipations of oversupply, coupled with apprehensions regarding the effects of tariffs on the global economy, led to a decline in Brent and WTI prices by over 1% last week.

“Absence of news is pushing oil prices modestly higher as traders are positioned short ahead of potential increased OPEC+ supply from the May 5 meeting and a significant production boost in the USA,” Michael McCarthy, chief executive officer of online trading platform Moomoo Australia.

The market has experienced turbulence due to contradictory messages from U.S. President Donald Trump and Beijing regarding the advancements in de-escalating a trade war that poses a risk to global growth. In a recent statement from Washington, U.S. Treasury Secretary Scott Bessent on Sunday refrained from endorsing Trump’s claim that negotiations with China were in progress. Previously, Beijing refuted the notion that any discussions were occurring.

Numerous attendees at the International Monetary Fund and World Bank Spring Meetings expressed that the Trump administration remained at odds regarding its expectations from trading partners affected by his extensive tariffs. Investors are closely monitoring the ongoing nuclear discussions between Iran and the United States in Oman, which are set to continue this week. Iranian Foreign Minister Abbas Araqchi expressed that he remained “extremely cautious” regarding the success of the negotiations.

In Iran, a significant explosion at the largest port of Bandar Abbas has resulted in the deaths of at least 40 individuals, with over 1,200 others reported injured, according to state media on Sunday.