On May 27, 2025, Crude oil prices edged lower on Tuesday as traders evaluated the potential for OPEC+ to announce a further increase in crude production during its upcoming meeting later this week.
As of 0022 GMT, Brent crude futures slipped by 12 cents, or 0.19%, to $64.62 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 15 cents, or 0.24%, to $61.38 per barrel. At 10:35 IST, Brent crude dropped 0.32% to $64.53.
The broader OPEC+ alliance, which includes the Organisation of the Petroleum Exporting Countries and its allies, is anticipated to finalise July production levels at the meeting. Industry sources suggest this will likely involve a further supply increase of around 411,000 barrels per day (bpd).
Earlier this month, OPEC+ reached a consensus to accelerate its production hikes for a second straight month in June, as part of a broader strategy to gradually unwind earlier supply cuts.
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Despite the bearish pressure from supply-side developments, crude oil price losses were limited by a temporary easing of trade tensions. U.S. President Donald Trump extended the deadline for trade negotiations with the European Union until July 9, mitigating immediate concerns over tariffs that could weigh on global fuel demand.
Cumulatively, OPEC+ has already raised production targets by roughly 1 million bpd for the April–June period. The group is expected to gradually phase out the remaining 2.2 million bpd of voluntary cuts by October. The recent U.S.-EU trade reprieve has helped ease demand-side concerns, contributing to the slight pullback in oil prices.
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Published on: May 27, 2025, 11:19 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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