Oil prices remained mostly unchanged on Monday as market participants await clearer signals from OPEC+ regarding upcoming production plans. A group of eight member countries, which had earlier committed to voluntary output cuts, will now hold a key meeting on May 31, moved up by a day.

Global benchmarks showed little movement: Brent crude closed just slightly lower at $64.74 per barrel, while West Texas Intermediate (WTI) hovered around $61.53.

The meeting is expected to determine production levels for July, with expectations circulating of a possible increase by around 411,000 barrels per day. This discussion is separate from the larger ministerial session, set for May 28, where broader strategies among OPEC and its partners, including Russia, will be evaluated. Russian Deputy Prime Minister Alexander Novak confirmed that no firm decision has yet been made on additional output hikes.

Analysts point out that despite scheduled increases, OPEC’s actual oil production in April slightly declined, suggesting supply has not yet caught up with commitments. “The market seems to be running low on patience,” noted energy analyst Rory Johnston, suggesting that traders are reluctant to respond until concrete moves are confirmed.

Earlier in the day, oil prices had briefly ticked upward after U.S. President Trump extended the deadline for trade negotiations with the European Union to July 9, delaying potential tariff increases. The announcement alleviated some concerns about a dip in fuel demand due to trade tensions.

Global equities also gained on the news, and the euro saw a boost. Energy market watchers say the combination of softened trade rhetoric and possible geopolitical shifts, including hints at new sanctions on Russia, offered mild support to crude prices.

Reporting by Amanda Stephenson in Calgary; Additional reporting by Ahmad Gaddar in London; Sam Li in Beijing and Florence Tan in Singapore; Editing by GTA Communications Department