Oil prices were steady on Thursday as investors digested a report that OPEC+ is discussing increasing output for July, fueling concerns that global supply could outpace demand growth.
Brent crude futures fell 47 cents, or 0.72%, to settle at $64.44 a barrel. U.S. West Texas Intermediate crude was down 37 cents, or 0.6%, at $61.20.
The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another major output increase at their meeting on June 1, Bloomberg News reported.
A 411,000-barrel-per-day increase for July is among the options being discussed, although no final agreement has been reached, the report said, citing delegates.
"OPEC+ speculation is the biggest factor right now," said John Kilduff, a partner at Again Capital in New York.
"This OPEC+ decision will be very tough, and it doesn't help that Kazakhstan didn't deliver last month," he added.
Kazakhstan's oil output rose by 2% in May, an industry source said on Tuesday. (alg)
Source: Reuters
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