Oil Holds Steady as EU Trade Talks and OPEC+ Meeting Take Center Stage

​Oil prices are stabilizing as traders closely monitor two key developments: improving U.S.–EU trade negotiations and an upcoming OPEC+ meeting that could reshape global supply dynamics.

Brent crude hovered below $65 a barrel after a muted session due to holidays in London and New York. The slight rebound comes as Brussels moves to fast-track talks with Washington, a shift seen as a potential easing of transatlantic trade tension following recent tariff threats from President Trump.

At the same time, attention is turning to the OPEC+ meeting now scheduled for May 31, where eight core members are expected to set July production levels. Analysts believe another large output hike—possibly 411,000 barrels per day—is likely, marking a third consecutive month of increases.

Oil has been trending lower since January, dragged down by fears that global trade friction and retaliatory tariffs could dent demand. On top of that, President Trump recently hinted at possible new sanctions on Russia after a drone strike in Ukraine—adding geopolitical uncertainty to already fragile markets.

Despite these headwinds, analysts like Ole Hvalbye of SEB AB believe oil is entering a consolidation phase, with price action clustering around the $65 mark as traders await clarity on supply.

​Bottom line: Trade diplomacy and OPEC+ output decisions are driving the next move for crude. Until then, expect oil to remain range-bound—at least temporarily.