Oil prices rise at settlement amid conflicting signals on tariffs

Oil prices rose during trading on Thursday, as investors sought to assess the impact of a potential OPEC+ production increase amid mixed economic data and conflicting signals regarding US tariffs, developments in the war in Ukraine, and negotiations to end it.

Brent crude futures rose 43 cents, or 0.65%, to settle at $66.55 a barrel.

According to Reuters, US crude futures rose 52 cents, or 0.84%, to settle at $62.79 a barrel.

This follows a 2% decline in prices in the previous session after Reuters reported, citing three sources familiar with the matter, that several OPEC+ members would propose that the group accelerate its oil production increase for a second consecutive month in June. In another context, the number of new applications for unemployment benefits in the United States rose slightly last week, indicating that the labor market remains strong despite the uncertainty surrounding the economy due to tariffs on US imports.