NEW YORK: Oil prices were little changed on Thursday as investors weighed a potential OPEC+ output increase, mixed economic news, conflicting tariff signals from the White House and news from the Russia-Ukraine war.
Brent crude futures rose 10 cents, or 0.2%, to $66.22 a barrel at 11:49 a.m. EDT (1549 GMT).
US West Texas Intermediate (WTI) crude rose 16 cents, or 0.3%, to $62.43. In the US, the number of people filing for unemployment benefits rose marginally last week, suggesting a resilient labor market despite economic turbulence caused by tariffs on imported goods. Businesses are increasing prices and cutting financial guidance due to higher costs stemming from US President Donald Trump’s trade war, which has also roiled global supply chains.
US Federal Reserve Bank of Cleveland President Beth Hammack called for patience on monetary policy and did not rule out changes by June if data suggested action was needed. Analysts have said Trump’s unsteady tariff policy has so far stopped the Fed from raising or lowering interest rates. Central banks hike rates in order to fight inflation in an overheated economy or lower them to fight a recession and boost growth. US Treasury Secretary Scott Bessent said high tariffs between the US and China are not sustainable, signaling possible moves to ease the trade war between the world’s two largest economies that has fed recession fears.
In Germany, Europe’s biggest economy, business morale unexpectedly rose in April though expectations were gloomier as companies worried about US tariffs.
—Reuters
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