Oil prices slipped after hitting more than 2-1/2 year highs earlier in the session, as a spike in COVID-19 cases in Asia put a brake on rally before this week’s OPEC+ meeting

Indian Oil Minister Dharmendra Pradhan again urged the Organisation of the Petroleum Exporting Countries (OPEC) to phase out crude output cuts as high prices are stoking inflation

OPEC+ is discussing a further easing of oil output cuts from August as oil prices rise on demand recovery, but no decision had been taken yet on the exact volume to bring back to the market, two OPEC+ sources said

OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, giving it more power to manage the market in the short term

Crude exports from the world’s top exporter slipped to 5.408 million barrels per day (bpd) from 5.427 million bpd in March, while crude output edged lower to 8.134 million bpd in April

OPEC and its allies maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect

In a monthly report, the Organization of the Petroleum Exporting Countries said demand would rise by 6.6% or 5.95 million barrels per day (bpd) this year. The forecast was unchanged for a second consecutive month

OPEC and its allies expect oil inventories to fall further in the coming months, OPEC’s secretary general said, suggesting efforts by the producers to support the market are succeeding

Oil prices were little changed after strong gains in the previous two sessions on expectations for surging fuel demand later this year while major producers maintain supply discipline

Oil rose, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States