Oil prices fluctuated on Tuesday as markets anticipated the upcoming OPEC+ supply meeting, while reports of new U.S. sanctions on Russia added uncertainty to the global energy outlook.
Brent crude hovered below $65 per barrel following a quiet Monday session due to holidays in London and New York. Prices recovered some ground after CNN reported potential fresh U.S. penalties on Russia in response to drone attacks in Ukraine.
Key Developments:
- OPEC+ may announce a large output increase at its May 31 video conference, brought forward by one day
- The group is considering a third straight hike, possibly adding 411,000 barrels/day
- Ongoing trade tensions from U.S. tariffs and geopolitical risks are keeping oil markets volatile
- Brussels is expediting talks with Washington after recent criticism from President Trump
Oil prices have stabilized near $65 since mid-January amid a tug-of-war between supply recovery and global economic concerns.