Oil prices were flat to slightly lower on Monday as the Organization of Petroleum Exporting Countries and its allies (OPEC+) prepares to meet on July 1 to discuss what to do with an output policy.
Brent crude futures for September delivery dropped 0.3 percent to $75.17 per barrel, while West Texas Intermediate crude futures for August settlement were down 0.1 percent at $73.98.
As the oil market looks increasingly tight, analysts surveyed by Bloomberg expect the cartel to raise their collective output levels by another 550,000 barrels per day (bpd) in August.
That’s barely a quarter of the global deficit that OPEC+ itself anticipates during that month.
Meanwhile, the U.S. has carried out airstrikes against Iran-backed militia in Iraq and Syria, in response to drone attacks against U.S. personnel and facilities in Iraq.
The strikes on Sunday targeted operational and weapons storage facilities at two locations in Syria and one location in Iraq, the Pentagon said.
The Pentagon press secretary, John Kirby, described the airstrikes as “defensive”.