Ammon News - Oil prices slipped for a second session on Tuesday on increasing expectations members of the Organisation of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week.

Brent crude futures shed 24 cents, or 0.4%, to $64.50 a barrel by 0507 GMT, while U.S. West Texas Intermediate (WTI) crude was down 29 cents, or 0.5%, at $61.24 a barrel. The WTI contract did not settle on Monday because of the U.S. Memorial Day holiday.

"Crude oil edged lower as the market contemplated the outlook for rising OPEC supply," Daniel Hynes, senior commodity strategist at ANZ, said in a note.

OPEC+ will likely finalise July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day.

However, U.S. President Donald Trump's decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand, placing a lid on losses.

If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Reuters