WASHINGTON (dpa-AFX) - Oil prices recovered some ground on Thursday after settling nearly 2 percent lower on Wednesday amid signals of additional OPEC+ supply coming to the market and growing concerns over U.S.-China trade tensions.
Benchmark Brent crude futures rose half a percent to $66.44 a barrel in early European trade while WTI crude futures were up 0.6 percent at $62.62.
A weaker dollar lent some support amid trade tensions and high policy uncertainty.
A day after U.S. President Donald Trump signaled a possible shift in his trade war with China, White House Press Secretary Karoline Leavitt said in an interview with Fox News that there will be no unilateral reduction in tariffs on goods imported from China.
Treasury Secretary Scott Bessent also clarified that such a move would not come unilaterally and there was no timeframe for engagement, casting doubt on a timely resolution to the trade war.
He also noted that there are multiple factors with regard to China beyond just tariffs and that a full rebalancing of trade might take two to three years.
Adding to tariff-related concerns, NHK reported that the U.S. told Japan's trade delegation that it cannot give Japan special treatment regarding its tariff measures during talks held earlier this month.
Meanwhile, the White House has strongly criticized Ukrainian President Volodymyr Zelensky for publicly discussing details of ongoing peace negotiations aimed at ending the war with Russia.
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