Crude oil futures edge higher as traders focus on the 200-day MA; OPEC output plans and U.S.-China trade talks steer near-term oil prices forecast.

All of this means the oil market is heading into a complicated second half of the year. On the surface, prices may continue to hold steady thanks to summer demand and geopolitical optimism.

Concerns over slowing U.S. demand were exacerbated by softer-than-expected private payrolls data, which showed the labor market was cooling. The print came just days before key nonfarm payrolls data for May, which is due on Friday.

Natural gas holds firm above $3.70 while WTI and Brent retreat from highs amid strong U.S. jobs data and rising geopolitical supply risks.

“Florida gas prices remain in the same 30-cent range that Florida gas prices have fluctuated within since September,” AAA spokesperson Mark Jenkins said in a statement. That range has kept retail fuel prices relatively predictable for months, despite significant global fluctuations in oil markets.

LONDON: Oil prices held steady on Wednesday as concern around the OPEC+ groups next output increase were offset by Canadian supply pressures due to wildfires there, while global trade tensions continue to linger.

LONDON - Oil prices held steady on Wednesday amid global trade tensions and as ongoing OPEC+ output increases were offset by a hit to Canadian supply from wildfires. Brent crude futures inched 7 cents higher, rising 0.1%, to $65.70 a barrel by 1034 GMT. U.S. West Texas Intermediate crude was 3 cents higher, up around 0.1%, at $63.44.

Oil prices eased on Thursday, reversing gains made earlier in the Asian trading session, as market participants assessed a U.S. decision to move personnel from the Middle East ahead of talks with Iran over the latter's nuclear-related activity.