Oil prices recover some losses

LONDON, Apr 24 (Reuters): Oil prices recovered some losses on Thursday as investors weighed a potential OPEC+ output increase against conflicting tariff signals from the White House and US-Iran nuclear talks.
Brent crude futures were up 67 cents, or 1.01%, at $66.79 a barrel by 1220 GMT while US West Texas Intermediate crude gained 75 cents, or 1.2%, to $63.02.
At those levels, prices have recouped about half of their losses from Wednesday, when prices slid almost 2% after Reuters reported that several OPEC+ members had suggested the group accelerate oil output increases for a second month in June.
Kazakhstan, which produces about 2% of global oil output and has repeatedly exceeded its quota over the past year, said it would prioritise national interests over OPEC+ in deciding production levels.
"Such defiance envisages looser oil balance but, more importantly, it implies that Kazakhstan de facto ceases to exist as a member of OPEC+, although it remains in the alliance for now," said PVM analyst Tamas Varga.
There have previously been disputes among OPEC+ members over compliance with production quotas, one of which resulted in Angola leaving the group in 2023.