International oil prices declined on Tuesday, amid growing expectations that OPEC+ would boost oil output in its meeting this week.
The Organization of the Petroleum Exporting Countries Plus (OPEC+) is expected to reassess production quotas during a ministerial virtual meeting on Wednesday involving all member nations.
Furthermore, on Saturday, eight member countries that previously agreed to voluntary production cuts will hold a meeting. They are expected to confirm an output increase of 411,000 barrels per day.
Last month, these eight countries had initially agreed to raise production by 135,000 barrels per day starting in May. However, they swiftly revised this figure upward to a substantial 411,000 barrels per day.
Brent crude, the global oil benchmark, settled at 64.09 USD per barrel, dropping 0.65 USD (1.00%) from the previous session. This marks the second consecutive day of declines.
The U.S. benchmark, West Texas Intermediate (WTI), also saw its near-month contract fall.
At the New York Mercantile Exchange, which reopened after the Memorial Day holiday, WTI futures for July delivery closed at 60.89 USD per barrel, down 0.64 USD (1.04%) from its May 23 closing price.
