Oil Steady as Traders Focus on EU Trade Talks, OPEC+ Meeting
Oil prices were steady as markets weighed the prospect of easing trade tensions between the European Union and the U.S. ahead of an OPEC+ meeting that will decide on supply policy.
West Texas Intermediate crude futures were little changed from Friday’s close near $61 a barrel after a quiet session on Monday due to holidays in London and New York. Brent crude settled below $65. Brussels has agreed to accelerate trade talks with the U.S., just days after criticism from President Donald Trump.
Global markets have been rattled by Trump’s tariffs and retaliatory moves from targeted countries, including China. Oil prices have declined since mid-January on concerns about the impact of trade tensions, with a push by OPEC and its allies to restore stalled supplies adding to the drag.
OPEC+ has brought forward a video conference that will decide on July output levels for the eight major members by a day to May 31, according to delegates familiar with the matter. The group held talks early last week to push for higher output for a third straight month. WTI for July delivery was steady at $61.45 a barrel at 7:25 a.m. in Singapore.
There was no settlement on Monday because of the U.S. Memorial Day holiday.
Brent for July settlement closed little changed at $64.74 a barrel on Monday.
Source: Bloomberg
