Doha: Oil prices rose on Tuesday amid anticipation over the outcome of US-China talks. Brent crude futures increased by 16 cents, or 0.2%, reaching 67.20 USD per barrel. US West Texas Intermediate (WTI) crude rose 14 cents, or 0.2%, to 65.43 USD per barrel. Brent had risen yesterday (Monday) to 67.19 USD, its highest level since April 28, supported by the possibility of a trade agreement between Washington and Beijing.
According to Qatar News Agency, US President Donald Trump said yesterday that the ongoing talks between the US and China in London are "going well" and that he "only receives good reports from his team." Earlier, OPEC+, which produces about half of the world's oil and includes OPEC members and allies like Russia, proposed plans to increase production by 411,000 barrels per day in July in an effort to regain market share. This move is set to end four consecutive months of production cuts.