English
Oil Prices Steady as Markets Await Crucial OPEC+ Meeting
Oil prices remained largely stable at the close of trading on Monday, May 26, 2025, as investors worldwide awaited the upcoming OPEC+ meeting, which could signal an increase in global oil production.
Brent crude futures dipped slightly by 4 cents, or 0.06%, settling at $64.74 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell by 2 cents to $61.51 per barrel.
This market calm comes after U.S. President Donald Trump announced a delay in trade negotiations with the European Union until July 9, easing concerns about potential tariffs that could impact global fuel demand.
The OPEC+ alliance is now set to hold its meeting earlier than expected, on May 31, to discuss production policy for July. Industry sources suggest that a production hike of up to 411,000 barrels per day is under consideration — a move that could influence the global supply-demand balance and put downward pressure on prices.
In parallel, Baker Hughes data revealed a decline in the number of active U.S. oil rigs by 8, bringing the total to 465 — the lowest level since November 2021. This indicates slowing drilling activity amid weaker oil prices.
Market watchers are closely monitoring the OPEC+ decision, as any changes in production levels will likely shape oil price trends for the second half of the year.
