Oil Dips as OPEC+ Poised to Boost Supply

Oil prices slipped for a second session on Tuesday amid growing expectations that OPEC+ will agree to raise output at their upcoming meeting. While the market braces for higher supply, a pause in U.S.-EU tariff concerns offered some support.

Key Price Moves

• Brent crude: down 0.4% to $64.50/bbl

• WTI crude: down 0.5% to $61.24/bbl (no Monday settlement due to Memorial Day)

For real-time tracking of these benchmark prices and historical movements, check the Commodities API, which provides up-to-the-minute data on Brent, WTI, and other major commodities.

OPEC+ Supply Outlook

• Expected increase: Sources tell Reuters a 411,000 bpd rise for July is on the table.

• Meeting schedule: An online ministerial session set for May 28, with voluntary-cut members reconvening on May 31—one day earlier than planned.

• Official stance: Russia's Novak said no formal discussion has occurred yet, underscoring the fluidity of negotiations.

To stay ahead of policy and production announcements, including OPEC+ dates, use the Economics Calendar API, which flags key meetings and release times.

Demand Considerations

U.S. President Trump's decision to postpone 50% tariffs on EU goods until July 9 eased immediate worries about a trade-driven downshift in fuel demand. That trade reprieve helped cap further losses, even as traders position for a looser supply backdrop.