Oil prices slip as traders await OPEC+ output decision

Oil prices edged lower on Monday as investors positioned for an OPEC+ meeting expected to bring another increase in production. Brent crude fell 0.4% to $74.85 a barrel, while West Texas Intermediate slipped 0.5% to $71.20.

The market is watching whether the alliance will add more supply at a time when traders are weighing the impact on prices and demand. Expectations of higher output have kept crude under pressure, even as broader energy markets remain sensitive to shifts in global growth and inventory data.

Analysts say the meeting could help shape near-term price direction, especially if producers signal a larger or faster supply boost than the market has already priced in. For now, cautious trading reflects uncertainty over how much oil OPEC+ will bring back to market and how buyers will absorb it.

Any move to raise output would add to the debate over whether the group can balance market share goals with price support. Until the decision is announced, crude is likely to remain range-bound as traders wait for clearer guidance from the producers' alliance.