<\/p>\n\n\n\n
Oil prices fell for a second consecutive session on Tuesday, as traders increasingly expect the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to approve a production increase at their upcoming meeting.<\/p>\n\n\n\n
Brent crude futures dropped 0.4%<\/strong> to $64.50<\/strong> a barrel by 05:07 GMT<\/strong>, while U.S. West Texas Intermediate (WTI) crude fell 0.5%<\/strong> to $61.24<\/strong> a barrel. The WTI contract did not settle on Monday due to the U.S. Memorial Day holiday.<\/p>\n\n\n\n OPEC+ is expected to finalize its July output plan during a ministerial meeting on May 28<\/strong>, with sources indicating a production increase of 411,000 barrels per day<\/strong> is likely.<\/p>\n\n\n\n Additionally, eight OPEC+ members who had pledged voluntary cuts will hold a separate meeting on May 31<\/strong>, one day earlier than initially scheduled. OPEC+ had already accelerated production hikes for June, signaling a gradual easing of earlier supply curbs.<\/p>\n\n\n\n Russian Deputy Prime Minister Alexander Novak<\/strong> said Monday that OPEC+ had not yet discussed a July hike in detail, but the outlook points to a coordinated supply increase.<\/p>\n\n\n\n On the geopolitical front, U.S. President Donald Trump\u2019s decision to delay the implementation of 50% tariffs on the European Union<\/strong> until July 9<\/strong> offered some relief to markets, reducing immediate concerns that trade tensions could dampen fuel demand.<\/p>\n\n\n\n Meanwhile, Iran set its official selling price for light crude<\/strong> to Asian buyers at a premium of $1.80 a barrel<\/strong> over the Oman\/Dubai average for June, up from a $1.65<\/strong> premium in May.<\/p>\n\n\n\n Iranian President Masoud Pezeshkian<\/strong> commented that Iran would continue to withstand pressure even if ongoing nuclear talks with the U.S. fail to secure a deal.<\/p>\n\n\n\n A breakdown in U.S.-Iran negotiations could mean the continuation of sanctions on Iranian oil exports, limiting supply and potentially supporting prices.<\/p>\n\n\n\n The market remains focused on upcoming OPEC+ decisions, U.S.-Iran nuclear negotiations, and evolving global trade dynamics for further direction.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices fell for a second consecutive session on Tuesday, as traders increasingly expect the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to approve a production increase at their upcoming meeting. Brent crude futures dropped 0.4% to $64.50 a barrel by 05:07 GMT, while U.S. West Texas Intermediate (WTI) crude fell 0.5% …<\/p>\n","protected":false},"author":9,"featured_media":95641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[],"class_list":["post-114844","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=114844"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114844\/revisions"}],"predecessor-version":[{"id":114845,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114844\/revisions\/114845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/95641"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=114844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=114844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=114844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}