%Oil prices continue to slide lower over concerns of a supply glut as the OPEC+ cartel signals that it plans to continue increasing its output.
Brent crude oil, the international standard, is trading at $65.04 U.S. a barrel, while West Texas Intermediate (WTI) crude oil, the U.S. benchmark, is trading at $61.92 U.S. per barrel.
The ongoing decline comes as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) indicates that it plans to carry on with its current policy of increasing oil output.
Specifically, there are media reports that OPEC+ plans to accelerate its oil output in July, following previously announced production increases earlier this year.
At the same time, Iranian and U.S. delegations have wrapped up a fifth round of talks in Rome, Italy with many points of disagreement remaining between the two sides.
If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian oil supply. However, a resolution would add Iranian oil to the global market.
Analysts say any upside to oil prices remains limited in the near-term until it becomes clear what OPEC+ will decide at its next meeting scheduled for May 31.
Continued production increases have energy traders worried that the cartel will swamp the global market in oil, further depressing prices, which have already fallen nearly 15% on the year.
