Oil little changed as higher OPEC+ output expectations weigh on sentiment
Brent crude futures were up 11 cents, or 0.2%, at $64.85 a barrel by 0640 GMT, while US West Texas Intermediate (WTI) crude rose 6 cents, or 0.1%, to $61.59 a barrel.
The WTI contract did not settle on Monday because of the US Memorial Day holiday. 'Crude oil edged lower as the market contemplated the outlook for rising OPEC supply,' Daniel Hynes, senior commodity strategist at ANZ, said in a note.
OPEC+ will likely finalise July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day.
Russian Deputy Prime Minister Alexander Novak said on Monday that OPEC+ had yet to discuss hiking output.
The group is likely to finalise output quotas in an online ministerial meeting on May 28.
Eight OPEC+ members that had pledged additional voluntary cuts are now expected to meet on May 31, one day earlier than previously scheduled, three sources within the group told Reuters on Monday.
OPEC+ members had already agreed to accelerate oil output increases for a second month in June.
However, US President Donald Trump's decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand.
Oil steadies after Trump extends EU trade talks deadline
Iran set the official selling price for its light crude oil grade for Asian buyers at $1.80 a barrel above the Oman/Dubai average for June, the state-owned National Iranian Oil Company (NIOC) said.
The price it set for May was a premium of $1.65. Iranian President Masoud Pezeshkian said on Monday that Iran would be able to survive if negotiations with the US over its nuclear programme fail to secure a deal.
If nuclear talks between the US and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 hours ago
- Express Tribune
Israel's far right urges Netanyahu to intensify offensive against Hamas
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference with Hungary's Prime Minister (unseen) after bilateral talks on April 3, 2025 in Budapest, Hungary. PHOTO:AFP Listen to article Israel's far right pressed Prime Minister Benjamin Netanyahu to go harder against Hamas, ahead of a UN Security Council meeting Sunday on the premier's plan to conquer Gaza City. Over 22 months into the war in Gaza, Israel is gripped by a yawning divide, pitting those calling for an end of the conflict along with a deal for the release of the hostages against others who want to see Hamas vanquished once and for all. The debate has only intensified after Prime Minister Benjamin Netanyahu's security cabinet announced plans Friday to expand the conflict and capture Gaza City. While thousands took to the streets in Tel Aviv Saturday night to protest the cabinet's decision, far-right Finance Minister Bezalel Smotrich posted a video online, slamming Netanyahu's decision on Gaza as half-hearted. Read More: UNSC to hold emergency session on Israel's Gaza city occupation plan "The prime minister and the cabinet gave in to weakness. Emotion overcame reason, and they once again chose to do more of the same -- launching a military operation whose goal is not decisive victory, but rather to apply limited pressure on Hamas in order to bring about a partial hostage deal," Smotrich said. "They decided once again to repeat the same approach, embarking on a military operation that does not aim for a decisive resolution." Netanyahu is scheduled to hold a press conference with international media at 4:30 pm local time (13:30 GMT) on Sunday -- his first since the security cabinet decision. The far-right members of Netanyahu's cabinet, including Smotrich, have maintained considerable influence in the premier's coalition government throughout the war -- with their support seen as vital to holding at least 61 seats for a parliamentary majority. National Security Minister Itamar Ben Gvir, also of the far right, told Kan radio on Sunday: "It is possible to achieve victory. I want all of Gaza, transfer and colonisation. This plan will not endanger the troops." In Tel Aviv, demonstrators held up pictures of hostages still in Gaza, calling on the government to secure their release. "We will end with a direct message to Prime Minister Benjamin Netanyahu: if you invade parts of Gaza and the hostages are murdered, we will pursue you in the town squares, in election campaigns and at every time and place," Shahar Mor Zahiro, the relative of a slain hostage, told AFP. The cabinet's decision to expand the war in Gaza has meanwhile touched off a wave of criticism across the globe. On Sunday, the UN Security Council is set to meet to discuss the latest development. Foreign powers, including some of Israel's allies, have been pushing for a negotiated truce to secure the hostages' return and help alleviate a humanitarian crisis in the territory following repeated warnings of famine taking hold. Also Read: Thousands protest in Tel Aviv against Israeli govt move to expand Gaza war Despite the backlash and rumours of dissent from Israeli military top brass, Netanyahu has remained firm. In a post on social media late Friday, Netanyahu said "we are not going to occupy Gaza -- we are going to free Gaza from Hamas". The premier has faced regular protests over the course of the war, with many rallies calling for the government to strike a deal after past truces saw hostages exchanged for Palestinian prisoners in Israeli custody. Out of 251 hostages captured during Hamas's 2023 attack, 49 are still being held in Gaza, including 27 the military says are dead. Israel's offensive has killed at least 61,430 Palestinians, according to Gaza's health ministry, figures the United Nations says are reliable. According to Gaza's civil defence agency, at least 27 people were killed by Israeli fire across the territory Sunday, including 11 who were waiting near aid distribution centres. Hamas's 2023 attack on Israel, which triggered the war, resulted in the deaths of 1,219 people, according to an AFP tally based on official figures.
Express Tribune
7 hours ago
- Express Tribune
UNSC to hold emergency session on Israel's Gaza city occupation plan
Palestinians rush to the scene as air pallets, carrying humanitarian aid, parachute down after being dropped from a military plane over Nuseirat in the central Gaza Strip on Tuesday-AFP Listen to article United Nations Security Council (UNSC) will convene an emergency session to discuss Israel's plan to capture and occupy Gaza City, following approval of the operation by Israel's Security Cabinet on Friday. The move has sparked international condemnation, with UN Secretary-General António Guterres calling it a 'dangerous escalation' in the 22-month war in the Gaza Strip. The session, requested by Denmark, France, Greece, the United Kingdom and Slovenia, is scheduled to begin at 10am (14:00 GMT) in New York. According to the Security Council Report, all members except the United States supported the request. UN rapporteurs are expected to present assessments of the potential consequences of seizing Gaza's largest city. In a joint statement, Germany, the UK, Italy, New Zealand and Australia rejected the plan, warning it would worsen the humanitarian crisis, endanger captives' lives, and risk mass civilian displacement. Israeli Minister threatens to collapse government over Gaza war plans Israeli Finance Minister Bezalel Smotrich has threatened to bring down the government and force new elections amid internal tensions over the direction of the war in Gaza. Read: Thousands protest in Tel Aviv against Israeli govt move to expand Gaza war Smotrich made the remarks during a security cabinet meeting on Thursday night discussing future military operations, Al Jazeera reported. 'From my perspective, we can stop everything and let the people decide,' he said, according to Israel's Kan public broadcaster The governing coalition currently holds just 60 seats in the 120-member Knesset, following the recent departures of the United Torah Judaism party and far-right legislator Avi Maoz. An election would only be triggered if parties in the Knesset vote to dissolve the government. In a rare public rebuke, Smotrich later issued a statement saying he had 'lost faith that the prime minister is able and wants to lead the IDF to a decisive victory.' Forced starvation death toll rises to 212 Israeli forces continued heavy bombardment of Gaza on Saturday as the death toll from starvation since the start of the war rose to 212, including 98 children, according to local health authorities. Photos: Tens of thousands rally in Tel Aviv to demand end to Gaza war An estimated 60,000 Israelis joined a protest organised by family and supporters of captives held in Gaza in Tel Aviv on Saturday night-AFP Protesters gathered outside the Defense Ministry headquarters in Tel Aviv, calling on Israelis to refuse to follow orders to seize Gaza City, The Times of Israel reported-AFP Photo: AFP Read more: PM condemns Israel's plan to seize Gaza as 'illegal, illegitimate' Israel's war on Gaza The Israeli army has launched a brutal offensive against Gaza since October 2023, killing at least 58,667 Palestinians, including 17,400 children. More than 139,974 people have been injured, and over 14,222 are missing and presumed dead. Last November, the International Criminal Court issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and his former Defence Minister Yoav Gallant for war crimes and crimes against humanity in Gaza. Israel also faces a genocide case at the International Court of Justice for its war on the enclave. The proposed deal includes a pause in hostilities, increased humanitarian aid, and negotiations on the release of captives.
Express Tribune
8 hours ago
- Express Tribune
Saratov drone attack kills one, damages Russian facility
Listen to article One person was killed and several apartments and an industrial facility were damaged in a Ukrainian drone attack on the southern Russian region of Saratov, governor Roman Busargin said on Sunday. Busargin posted on the Telegram messaging app that residents were evacuated after debris from a destroyed drone damaged three apartments in the overnight attack. 'Several residents required medical assistance,' Busargin said. 'Aid was provided onsite, and one person has been hospitalised. Unfortunately, one person has died.' Russian air defence units destroyed 121 Ukrainian drones overnight, including eight over the Saratov region, the defence ministry said. The ministry reports only how many drones its defence units down, not how many Ukraine launches. Busargin did not specify what kind of industrial site was damaged. Social media footage showed thick black smoke rising over what looked like an industrial zone. Reuters verified the location seen in one of the videos as matching file and satellite imagery of the area but could not establish when the video was filmed. Ukrainian media, including RBK-Ukraine, reported that the oil refinery in the city of Saratov was on fire after a drone attack. Reuters could not verify those reports and there was no official comment from Russia. The Rosneft-owned refinery in Saratov city was forced to suspend operations earlier this year for safety reasons after Ukrainian drone attacks, industry sources told Reuters. Russia's SHOT Telegram channel, which often publishes material from security and law enforcement sources, reported about eight explosions were heard over Saratov and Engels, cities separated by the Volga River. Russia's civil aviation authority Rosaviatsia said on Telegram that flights in and out of Saratov had been halted for about two hours early on Sunday to ensure air safety. Both sides deny deliberately targeting civilians in their strikes on each other's territory in the war that Russia launched with a full-scale invasion of Ukraine in February 2022. Kyiv says its attacks inside Russia aim to destroy infrastructure key to Moscow's war effort, including energy and military targets, and are in response to continued Russian strikes.
