Oil prices slipped 2% on Wednesday as sources said OPEC+ would consider accelerating its oil output increases in June, but losses were curbed following a report that U.S. President Donald Trump may cut tariffs on Chinese imports.

Several OPEC+ members are planning to propose a second consecutive monthly acceleration of oil output hikes in June, Reuters reported on Wednesday. Oil prices had fallen to a four-year low earlier this month due to the ongoing trade tensions between the US and China,