Oil prices were little changed on Monday as investors weighed the uncertain outlook for US-China trade talks against expectations of increased supply from OPEC+. Brent crude futures slipped 13 cents to $66.74 a barrel, while US West Texas Intermediate (WTI) crude eased 12 cents to $62.90. Although Brent has risen slightly over the past two sessions, it recorded a weekly decline of more than 1 per cent, pressured by concerns that escalating tariffs could dent global economic growth and fuel demand. "US-China trade tensions are overshadowing other market-moving events, including US-Iran nuclear discussions and internal OPEC+ disagreements," said John Evans, an analyst at PVM. Investors remain focused on conflicting signals around the trade dispute. US Treasury Secretary Scott Bessent contradicted President Trump's assertion that negotiations with China are ongoing, while Beijing also denied talks are taking place. Meanwhile, OPEC+ is expected to consider a further output hike when members meet on May 5, adding another layer of uncertainty to the market. In geopolitical developments, Iranian Foreign Minister Abbas Araqchi voiced caution over nuclear negotiations with Washington, following a deadly explosion at Iran's Bandar Abbas port that killed at least 40 people and injured over 1,200. Attribution: Reuters Subediting: Y.Yasser
