Oil Prices Steady as Traders Eye OPEC+ Meeting and Russia Sanctions

Oil prices remained flat in Asian trading on Tuesday as investors awaited the upcoming OPEC+ meeting for clarity on future output. The market saw low activity due to public holidays in the U.S. and U.K. on Monday.

Brent crude futures for July delivery inched up 0.1% to $64.77 per barrel, while West Texas Intermediate (WTI) crude held steady at $61.53 per barrel as of 00:58 GMT.

Prices were supported by U.S. President Donald Trump’s decision to postpone his proposed 50% tariffs on European Union imports, shifting the deadline from June 1 to July 9. This move offered temporary relief to global trade tensions, which often impact oil demand forecasts.

All eyes are now on the upcoming OPEC+ meeting, which was reportedly rescheduled to May 31. The alliance, including the Organization of Petroleum Exporting Countries and its allies, is expected to discuss a potential supply boost. Reports suggest a possible output increase of 411,000 barrels per day in July, though no agreement has been finalized. OPEC+ has already begun unwinding previous production cuts with incremental increases in May and June.

Analysts at ING noted that an additional 411,000 bpd rise in July could keep the oil market well-supplied through the second half of the year.

Meanwhile, geopolitical tensions intensified as Trump criticized Russian President Vladimir Putin for escalating attacks on Ukraine, calling him “absolutely CRAZY.” Trump hinted at imposing new sanctions on Russia, which could disrupt Russian energy exports and tighten global oil supply. Heightened tensions between Russia and the West remain a key risk factor for crude markets.

Investors continue to monitor both the OPEC+ decision and potential U.S. sanctions for their impact on oil prices.