The group agreed to raise output in June, a sign that Saudi Arabia and its allies appear to be weary of cutting output and may be trying to appease President Trump, who has pushed for lower prices.

Perceptions of oversupply among oil market participants from increasing OPEC+ output and uncertainty about the economic impact of tariffs have raised short-term oil price volatility, the U.S. Energy Information Administration said on Tuesday.

When US President Donald Trump was inaugurated to his second term as president on Jan. 20, oil prices were close to the highs of the summer before. By early May, they had plunged by nearly a quarter.