Oil Prices Steady Ahead of OPEC+ Meeting Amid Russia Sanctions Tensions

Oil prices remained steady in Asian trading as investors awaited the upcoming OPEC+ meeting, now scheduled for May 31, which could signal future supply adjustments. Brent crude futures inched up slightly while West Texas Intermediate held steady, supported in part by the U.S. decision to delay proposed 50% tariffs on European Union imports from June 1 to July 9, easing trade tensions temporarily. OPEC+ is reportedly considering a supply increase of 411,000 barrels per day in July, continuing the unwinding of previous production cuts, with analysts suggesting this could keep the market well supplied through the second half of the year. Geopolitical tensions also influenced the market, with President Trump criticizing Russian President Putin over escalating attacks on Ukraine and hinting at new sanctions that could disrupt Russian energy exports. The market remained muted partly due to public holidays in the U.S. and U.K., while trade talks between the EU and U.S. are accelerating, adding another layer of complexity to supply and demand dynamics. Overall, investors are closely monitoring the OPEC+ decision and geopolitical developments for their impact on oil prices.