Oil prices dip slightly ahead of OPEC+ meeting

Oil prices traded slightly lower as investors largely stayed on the sidelines ahead of a highly anticipated OPEC+ meeting that could offer key signals about future supply levels.

As of 13:50 Spain time, Brent crude futures were down 0.5% at $63.81 per barrel, while West Texas Intermediate (WTI) crude futures dropped 0.6% to $61.18 per barrel.

Market activity remained subdued, partly due to public holidays in both the U.S. and the U.K. on Monday.

Oil found some support after U.S. President Donald Trump extended the deadline for proposed reciprocal tariffs on the European Union. The imposition of 50% tariffs on EU imports was pushed back from June 1 to July 9.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, are considering another production increase at their upcoming meeting, according to recent reports.

Eight OPEC+ countries that had pledged additional voluntary oil production cuts will now meet on May 31, a day earlier than previously planned.

One option reportedly under consideration is an increase in supply of 411,000 barrels per day in July, although no final decision has been made.

OPEC+ has been gradually reversing previous production cuts, adding more supply to the market in May and June.

“We assume in our balance that the group will agree to increase production by another 411,000 bpd in July. This should keep the market well supplied during the second half of the year,” ING analysts said in a recent note.