01.06.202009:54:00UTC+00Oil Prices Slip Ahead Of OPEC+ Meeting

Oil prices were moving lower on Monday as caution set in ahead of an upcoming meeting of the OPEC+ group as early as Thursday to discuss their output policy.

Benchmark Brent crude for August delivery was little changed at $37.84 a barrel, while West Texas Intermediate (WTI) crude futures for July delivery were down 0.7 percent at $35.24 a barrel.

Reuters reported, citing sources that OPEC and Russia were moving closer to an agreement on extending current output cuts and were now discussing a proposal to rollover supply curbs for one to two months.

It was also reported that Russia has no objection to the next OPEC+ meeting being preponed by a week to June 4.

Algeria, which currently holds the OPEC presidency, had proposed the meeting planned for June 9-10 be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait.

OPEC+ agreed in April to reduce output by an unprecedented 9.7 million barrels per day (bpd) in May and June after the coronavirus pandemic ravaged demand.