WASHINGTON (dpa-AFX) - Following the steep drop seen during Wednesday's session, the price of crude oil showed a modest move back to the upside during trading on Thursday.
Crude for June delivery rose $0.16 or 0.3 percent to $62.43 a barrel after plunging $1.40 or 2.2 percent to $62.27 a barrel in the previous session.
Some traders look to pick up crude oil at reduced levels following yesterday's tumble, which came as a report from Reuters citing three sources familiar with OPEC+ talk said several members will suggest the group accelerates oil output hikes in June for a second consecutive month.
Buying interest was somewhat subdued, however, as traders kept an eye on the latest developments on the trade front.
Comments from a Chinese Ministry of Commerce spokesperson have partly offset optimism about a U.S.-China trade deal.
Ministry of Commerce Spokesperson He Yadong told reporters there are currently 'absolutely no negotiations on the economy and trade between China and the U.S,' according to a CNBC translation.
He added that 'all sayings' regarding progress on bilateral talks should be dismissed and said the U.S. should cancel all 'unilateral' tariffs on China if it really wants to resolve the problem.
Meanwhile, later in the day, Treasury Secretary Scott Bessent said the U.S. may reach 'an agreement on understanding' on trade with South Korea 'as soon as next week.'
'We had a very successful bilateral meeting with the Republic of South Korea today. We may be moving faster than I thought, and we will be talking technical terms as early as next week,' Bessent said.
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