Oil holds steady; market awaits clarity on OPEC+ next move
Oil prices held steady on Monday with news that eight OPEC+ countries, who had pledged extra voluntary oil output cuts, will now meet on May 31, a day earlier than previously planned.
Brent crude futures settled down four cents at $64.74 a barrel, while U.S. West Texas Intermediate crude last traded at $61.53 a barrel, unchanged from the prior day's session.
Trading volumes were light due to the U.S. Memorial Day holiday.
Three OPEC+ sources told Reuters on Monday about the change of meeting date. The meeting will likely decide on July output, which sources have previously told Reuters will entail another 411,000 barrels per day of production .
The meeting is separate from the online ministerial meeting of the Organization of the Petroleum Exporting Countries and its allies, led by Russia, set for May 28. Russian Prime Minister Alexander Novak said on Monday that OPEC+ has not yet discussed hiking output by another 411,000 barrels per day ahead of its meeting, RIA news agency reported.
Source : Reuters
