Oil Retreats from Year Highs to Close Lower

Oil prices declined on Tuesday, after rising for two consecutive days, amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies might be raising production starting next August.

Media reports pointed to discussions about more reductions into the current output cuts to raise production levels.

An OPEC+ meeting is scheduled to take place on July 1 to discuss production policy for the next month.

Brent Crude futures for August delivery closed lower by 9 cents, or 0.12%, at $74.81 per barrel.

Meanwhile, the West Texas Intermediate (WTI) July futures dropped $0.60, or 0.81%, to finish at $73.06.