MARKET NEWS

(Bloomberg) -- Oil was steady as the market weighed the prospect for easing trade tensions between the European Union and the US ahead of an OPEC+ meeting that will make a decision on supply policy.

Brent traded below $65 a barrel after a quiet session on Monday due to holidays in London and New York, while West Texas Intermediate was near $61. Brussels has agreed to accelerate trade talks with the US, just days after criticism from President Donald Trump.

Global markets have been rattled by Trump’s tariffs and retaliatory measures from targeted countries, including China. Oil has trended lower since mid-January on concerns around the fallout from trade tensions, with a push by OPEC and its allies to restore idled supply adding to headwinds.

“The long-term downward trend for crude remains intact,” said Zhou Mi, an analyst at a research institute affiliated with Chaos Ternary Futures Co. “On the supply side, OPEC+ is moving toward easing production curbs, while on the demand side, the global economy faces pressure from tariffs.”

OPEC+ has brought forward a video-conference that will decide July production levels for eight key members by one day to May 31, according to delegates with knowledge of the matter. The group held preliminary talks last week on making another bumper output for a third consecutive month.