Oil prices rose on Wednesday, holding slightly above recent four-year lows, as investors focused on U.S.-China trade talks and signs of lower U.S. production.

The U.S. dollar rose against the safe-haven yen and Swiss franc while steadying versus the euro as investors looked towards the impending outcome of the Federal Reserve policy meeting later in the session and tariff negotiations.

In April, Tesla (NASDAQ:TSLA)’s new car sales in the United Kingdom (TADAWUL:4280) dropped by 62% year-on-year, hitting their lowest point in over two years, according to data released by New AutoMotive on Tuesday.

Oil gained more than $1 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down the previous session, although concerns about a market surplus persisted.

Malaysia’s central bank will hold its key interest rate steady on Thursday but is expected to lower it by 25 basis points in the last three months of the year to support slowing economic growth amid growing trade tensions, a Reuters poll suggested.

Chinese travellers’ spending rose 8% year-on-year during the May Day holiday to 180.27 billion yuan ($24.92 billion), but was still off pre-pandemic levels, while the country’s services activity expanded at the slowest pace in seven months in April.