Eyes on OPEC+ meeting for oil

Oil market indicators point to a weak outlook ahead of the OPEC+ meeting. The oil market is showing signs of weakness despite a recent spike in geopolitical tensions ahead of the OPEC+ supply meeting. Brent was down modestly below $84 a barrel on Tuesday, while U.S. crude remained below $80 despite more drone strikes on Russian refineries by Ukraine and another Houthi attack in the Red Sea over the weekend. Crude has risen about 9% this year due to the OPEC+ cuts, but Brent futures have fallen since mid-April. Investors are eagerly awaiting the OPEC+ meeting in early June, which will set the group’s supply policy for the second half, but market watchers largely expect the current restrictions to be lifted.