Oil prices were steady on Monday on news that the eight-nation OPEC+ group, which has pledged voluntary oil output cuts, will now meet on May 31, a day earlier than previously planned.

Brent crude settled down four cents at $64.74 a barrel, while U.S. West Texas Intermediate crude was last trading at $61.53 a barrel, unchanged from the previous session.

Trading volumes were low due to the U.S. Memorial Day holiday.

Three OPEC+ sources told Reuters on Monday of the change in meeting date. The meeting is likely to decide on July output, which sources previously told Reuters would require an additional 411,000 barrels per day.

The meeting is separate from an online ministerial meeting of the Organization of the Petroleum Exporting Countries and its allies, led by Russia, which was set for May 28. Russian Prime Minister Alexander Novak said Monday that OPEC+ had not discussed increasing output by 411,000 barrels per day ahead of its meeting, RIA news agency reported.

"At this stage, the market feels like it's running out of steam," said Rory Johnston, a Toronto-based analyst and founder of the Commodity Context newsletter, adding that investors and traders are still anticipating the arrival of additional OPEC barrels but are reluctant to react significantly until something material comes along.

OPEC oil production fell slightly in April even though the scheduled production increase came into effect, Johnston noted, adding to the overall market skepticism.

"It feels like (OPEC) really wants to have a headline every few days," Johnston said. "But the market's reaction to them right now is waiting for something (real) to actually come along." Both Brent and WTI were trading higher early in Monday's session after U.S. President Donald Trump said he agreed to extend the deadline for trade talks with the European Union until July 9, temporarily suspending other trade policies.

The extension eased concerns that U.S. tariffs on the EU could hurt fuel demand. Global markets rose on Monday and the euro strengthened. "Trump's shift, delaying higher tariffs for the EU, and his comments about possible sanctions against Russia are quite supportive of crude prices today," said UBS analyst Giovanni Staunovo. Trump separately said in a social media post that Russian President Vladimir Putin had gone "absolutely CRAZY" by launching the largest airstrike in a war against Ukraine and that he was considering new sanctions against Moscow. (alg)

Source: Reuters