International oil prices edged higher in early Monday trading, but the outlook for global economic growth and fuel demand remains uncertain amid escalating concerns about global trade. Additionally, expectations that OPEC+ may soon increase supply further weighed on market sentiment. "The lack of major news prompted a slight increase in oil prices, but the overall trend remains fragile due to widespread short-selling by traders and the possibility of OPEC+ increasing supply at its May 5 meeting, as well as a significant increase in US production," said Michael McCarthy, CEO of Moomoo Australia.

Some members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies (OPEC+) are expected to propose accelerating oil production increases for the second consecutive month at the upcoming meeting.

Looking back at last week, Brent crude oil and WTI crude oil prices fell by more than 1% respectively, affected by expectations of oversupply and trade concerns, indicating market pessimism about future demand.

Despite previous market expectations of a breakthrough in trade negotiations between the US and Asian countries, signals from Washington remain mixed. According to market surveys, President Trump's statements with Asian countries on easing trade tensions have been erratic, leading to a loss of market confidence.

Recent developments indicate that US Treasury Secretary Scott Bessent did not support President Trump's claim that negotiations were ongoing in his statement on Sunday.

During the spring meetings of the International Monetary Fund (IMF) and the World Bank, many participants pointed out that the Trump administration's demands on trading partners still contain obvious contradictions, exacerbating global economic uncertainty.

Meanwhile, investors are closely watching the nuclear negotiations between Iran and the US in Oman. Iranian Foreign Minister Abbas Araqchi said, "We are extremely cautious about the success of the negotiations."

Additionally, senior US government officials urged Russia and Ukraine to make progress on a peace agreement on Sunday, following a meeting between President Trump and Ukrainian President Volodymyr Zelensky in the Vatican the previous day.

Technically, US crude oil rebounded near the upper edge of the trading range, but the momentum for a breakthrough was insufficient. Meanwhile, technical indicators are still within the bearish range. Before the trend reverses, beware of a second decline, and pay attention to whether the pressure near the $65 level is effective intraday.

Although the current trend of oil prices shows signs of short-term recovery, the core risk factors have not been resolved. Concerns about global trade, potential production increases by OPEC+, and expectations of declining global demand will continue to weigh on the oil market. In the short term, if there is a lack of clear positive news, the upside potential for oil prices will be limited.