Russia
The May hike is the next increment of the plan to gradually unwind the most recent output cut of 2.2 million bpd
Traders raised oil's risk premium, anticipating supply disruptions from Trump's actions and policies
Trump also plans to visit Qatar and the UAE during this trip
Tariffs that increase vehicle prices may suppress auto sales and, consequently, the demand for oil products
American Petroleum Institute data showed that U.S. crude inventories fell by 4.6 million barrels last week
U.S. dollar gained 0.13 percent to 104.32, making bullion less attractive for other currency holders
OPEC+ ready to move forward with scheduled output increase in May
West Texas Intermediate (WTI) crude futures lost 0.3 percent to $67.67 per barrel
Bullion recorded an all-time high of $3,057.21 per ounce on Thursday and has climbed about 1.5 percent so far this week
U.S. oil demand remained strong as distillate inventories fell more than expected by 2.8 million barrels
So far this year, gold has recorded 16 record highs, four of which were above the $3,000 milestone
