Oil dipped on Wednesday, according to sources, OPEC+ might ramp up oil production as early as next month. However, the decline in oil prices was limited following a report suggesting that U.S. President Donald Trump could reduce tariffs on Chinese goods.

Brent crude fell by 1.69% at $66.30 while WTI dropped 1.84%, to $62.50 per barrel.

According to three sources familiar with the OPEC+ negotiations, multiple members intend to recommend speeding up oil production hikes for the second month in a row this June.

The decision is being made amid tensions among members over whether production quotas are being properly followed.

The Energy Information Administration reported on Wednesday that U.S. crude inventories increased, while gasoline and distillate stocks saw larger-than-expected declines last week.

The EIA reported that crude inventories increased by 244,000 barrels, reaching 443.1 million barrels for the week ending April 18. This was contrary to analysts' expectations in a Reuters poll, which had forecast a draw of 770,000 barrels.

The U.S. imposed fresh sanctions on an Iranian shipping tycoon whose network manages Iranian liquefied petroleum gas and crude oil shipments valued at hundreds of millions of dollars.