Oil prices fell on Tuesday amid market anticipation that the OPEC+ alliance may announce another increase in crude oil production during its upcoming meeting this week.
According to Bloomberg News, Brent crude futures dropped by 12 cents, reaching $64.62 per barrel.
Similarly, U.S. West Texas Intermediate (WTI) crude fell by 15 cents to $61.38 per barrel.
Sources reported that eight OPEC+ member countries, which had previously committed to additional voluntary production cuts, will hold a meeting on May 31—one day ahead of the previously scheduled full alliance meeting.
The upcoming meeting is expected to determine production levels for July, with earlier sources indicating a likely additional increase of around 411,000 barrels per day.
Earlier this month, the OPEC+ alliance had agreed to accelerate oil production hikes for a second consecutive month, with plans to implement the increase in June.
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Oil prices fell on Tuesday amid market anticipation that the OPEC+ alliance may announce another increase in crude oil production during its upcoming meeting this week.
According to Bloomberg News, Brent crude futures dropped by 12 cents, reaching $64.62 per barrel.
Similarly, U.S. West Texas Intermediate (WTI) crude fell by 15 cents to $61.38 per barrel.
Sources reported that eight OPEC+ member countries, which had previously committed to additional voluntary production cuts, will hold a meeting on May 31—one day ahead of the previously scheduled full alliance meeting.
The upcoming meeting is expected to determine production levels for July, with earlier sources indicating a likely additional increase of around 411,000 barrels per day.
Earlier this month, the OPEC+ alliance had agreed to accelerate oil production hikes for a second consecutive month, with plans to implement the increase in June.
