Oil prices drop over 1%, Brent slips below $64

Oil drilling rigs

Oil prices turned lower today, May 22, as markets assessed reports that OPEC+ members were discussing the possibility of agreeing to another significant production increase at their meeting scheduled for June 1.

Brent crude was trading down 1.6% at $63.87 a barrel, at 09:59 am Makkah time. West Texas Intermediate (WTI) crude fell 1.6% to $60.58 a barrel.

Increasing production by 411,000 barrels per day in July is among the options under discussion at the upcoming OPEC+ meeting, Bloomberg reported, citing delegates.

This comes after the Omani Foreign Minister announced on May 21 that the fifth round of nuclear talks between Iran and the US will be held in Rome on May 23.