08:45 AM EDT, 05/02/2025 (MT Newswires) -- Oil prices weakened early on Friday despite signs of cooling trade tensions between the United States and China as supply is on the rise, with OPEC+ adding new barrels to the market as it winds down 2.2-million barrels per day of voluntary production cuts.

West Texas Intermediate crude was last seen down US$0.62 to US$58.62 per barrel, while July Brent oil dropped US$0.61 to US$61.52.

The price of the commodity has dropped 18% over the past month as U.S. President Donald Trump launched blanket tariffs on nearly all U.S. trading partners, including a 145% tariff on imports from China. Chinese leadership has so far declined negotiations, but the country's Commerce Ministry on Friday said it is evaluating a U.S. proposal for talks over tariffs but wants the Trump Administration to first cancel its arbitrary levies.

"The tariff and trade wars were unilaterally initiated by the U.S., if the U.S. side wants to talk, it should show its sincerity, and be ready to take action on issues such as correcting wrong practices and canceling the unilateral imposition of tariffs," the ministry said in a release.

Despite the hardline stance, the statement is the first indication the world's two largest economies may be willing to take steps to end their trade battle.

"Risk sentiment rebounded overnight after a bout of weakness into the close of trading in the US as China's Commerce Ministry overnight indicated it is assessing the possibility of trade talks with the US, the first sign that the country is willing to sit down at the negotiating table," Saxo Bank noted.

The prospect for easing trade wars comes as OPEC+ adds 411,000 barrels per day of new supply as it returns the production cuts. The group will meet on May 5 to decide on whether it will again return an large tranche of the cuts in June, amid reports Saudi Arabia is willing to weather a period of low prices to punish cartel members who are consistently producing above quota.

"The marriage of convenience or even a must in 2016, which resulted in the OPEC producer alliance expanding in its effort to increase its control of the supply market seems to be heading towards a divorce. Whether it will be amicable or acrimonious is not entirely clear but the steeper-than-expected unwinding of production constraints in May and possibly in June, together with Kazakhstan's explicit reluctance to comply will lead to even more available oil in the coming months," PVM Oil Associates noted.