Oil prices experienced volatility over the past two days, initially rising on Tuesday due to a temporary cut in U.S.-China tariffs and a better-than-expected U.S. inflation report. Crude oil futures climbed more than $1.60 a barrel, with WTI rallying 3% and Brent rebounding to $66. However, prices fell on Wednesday as traders reacted to an unexpected increase of 3.5 million barrels in U.S. crude inventories, which raised concerns about an oversupply. The Organization of Petroleum Exporting Countries (OPEC) reported a decrease in its crude oil production by 62,000 barrels per day (bpd) in March to an average of 26.71 million bpd. In April, OPEC+ production, which includes OPEC members and non-OPEC allies, fell by 106,000 bpd to 40.91 million bpd. This decline was attributed to reduced output from Venezuela, Iran, and Libya, despite Saudi Arabia increasing its production by 49,000 bpd. Kazakhstan's oil output fell 3% in April, despite OPEC+ planning a 138,000 bpd hike for the month, and now plans a 411,000 bpd hike for May and June. OPEC also revised its forecasts, lowering its 2025 oil supply growth estimate for countries outside the OPEC+ group to 800,000 bpd from a previous forecast of 900,000 bpd. The organization maintained its global oil demand growth forecast for 2025 and 2026 at 1.3 million bpd and 1.28 million bpd, respectively, citing easing trade tensions as a potential factor in reducing economic uncertainty.