Oil falls 1%, WTI crude dips below $61

Oil drilling rigs

Oil closed in the red on May 27 amid reports of a possible agreement among several OPEC+ members to continue accelerating production increases. Brent crude futures for July delivery fell 1%, or 65 cents, to settle at $64.09 a barrel.

WTI crude futures for July delivery lost 1%, or 64 cents, to $60.89 a barrel.

Eight OPEC+ members, who have already made voluntary production cuts, may agree at a meeting scheduled for the end of this month to an increase in July supplies by 411,000 barrels per day, Reuters reported, citing sources.

Daniel Hynes, a commodity strategist at ANZ Bank, told Reuters that oil prices were negatively affected by expectations of increased supplies from the OPEC+ alliance.