Oil prices edged lower on Monday as traders looked ahead to an OPEC+ meeting that is widely expected to leave production policy unchanged. Brent crude fell 0.6% to $74.82 a barrel, while U.S. benchmark West Texas Intermediate dropped 0.8% to $71.35.

The modest decline reflected market caution rather than a sharp shift in fundamentals. Investors have been weighing whether the producer alliance will keep current output levels steady at this week’s ministerial gathering, a move that could help support prices by avoiding an immediate increase in supply.

Energy markets have been especially sensitive to signals from major exporters, with traders watching for any hints about spare capacity, compliance, and demand trends heading into the second half of the year. For now, the market appears to be waiting for clearer guidance before making a larger move.

If OPEC+ does hold production steady, the decision may reinforce a relatively tight short-term supply outlook. But any surprise change in policy could quickly reset expectations for crude prices and broader energy costs.