Today’s Crude Oil News Updated By Gates Commodity

Oil prices were little changed on Monday, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.

Brent crude (LCOc1) was unchanged at $37.84 a barrel, in the first day of trading in the contract with August as the front month.

West Texas Intermediate (WTI) crude futures (CLc1) for July delivery were at $35.53 a barrel, up 4 cents, or 0.1%, by 0629 GMT.

The price falls come after front-month Brent and WTI prices posted their strongest monthly gains in years in May. Gains were boosted by OPEC crude production dropping to its lowest in two decades, with demand expected to recover as more nations emerge from coronavirus lockdowns.

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