Oil prices fell for a second consecutive session on Tuesday as expectations mount that OPEC+ will agree to increase production at their upcoming meeting. While the market anticipates higher supply, a hold on U.S.–EU tariff worries provided some measure of support.

Current Price Movement

• Brent Crude: Down 0.4% to $64.50/bbl

• WTI Crude: Down 0.5% to $61.24/bbl (no settlement reported on Monday due to the Memorial Day holiday)

OPEC+ Supply Outlook

• Expected Increase: Sources indicate a possible increase of 411,000 barrels per day for July is under consideration.

• Meeting Schedule: An online ministerial meeting is set for May 28, with voluntary cut members convening on May 31, one day ahead of schedule.

• Official Position: Russia’s Novak mentioned that no formal discussions have taken place yet, highlighting the fluid nature of negotiations.

Demand Dynamics

The U.S. President Trump’s decision to delay 50% tariffs on EU goods until July 9 has eased immediate concerns about a potential demand downturn related to trade. This delay has provided a cap on further losses, even as market players prepare for a more relaxed supply scenario.