Oil Prices Fall on Tuesday

PUKMEDIA

Oil field.

Oil prices fell for a second session on Tuesday, 27 May 2025, on increasing expectations members of the Organisation of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week, according to Reuters report.

As per the Reuters report, Brent crude futures shed 24 cents, or 0.4%, to $64.50 a barrel by 0507 GMT, while U.S. West Texas Intermediate (WTI) crude was down 29 cents, or 0.5%, at $61.24 a barrel. The WTI contract did not settle on Monday because of the U.S. Memorial Day holiday.

"Crude oil edged lower as the market contemplated the outlook for rising OPEC supply," Reuters quoted Daniel Hynes, senior commodity strategist at ANZ, as saying 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.

OPEC+ members had already agreed to accelerate oil output increases for a second month in June.



PUKMEDIA