08:36 AM EST, 03/07/2025 (MT Newswires) -- Oil prices rose following reports Russia's oil minister said OPEC+ may pause the return of 2.2-million barrels of daily production cuts to the market following the initial April tranche.

West Texas Intermediate crude oil for April delivery was last seen up US$1.01 to US$67.37, while May Brent crude was up US$1.03 to US$70.49.

The rise comes as Russia's Alexander Novak said OPEC+ could pause plans to return the voluntary cuts in 18 monthly tranches after April, or even reverse the first 138,000 barrel per day tranche if oil prices continue to decline.

Oil has dropped 6.5% over the past month as rising supply from non-OPEC sources is being met by slowing demand growth as the economies of China and the United States slow. The Trump Administration's indecision on tariffs levied on Canada and Mexico is also unsettling markets, after President Donald Trump on Thursday suspended 25% tariffs on goods covered by an existing free-trade agreement by the three companies until April 2, clouding the outlook for companies' supply costs.

"Oil markets are feeling a strong bearish bias after OPEC+ announced the gradual return of barrels from April, while the anticipated supply losses from US President Trump's sanctions and tariffs are yet to be considered serious given the administration's flip-flopping. On the contrary, the sentiment for demand-side weakness as a result of Trump's tariffs is gaining ground. We project the drop in prices will be temporary and OPEC+ will take corrective measures," Mukesh Sahdev, global head on commodity markets at Rystad Energy, said in a note.