Oil prices were little changed on Monday after OPEC+ confirmed it would proceed with planned supply increases in July. Brent crude hovered near $78 a barrel, while West Texas Intermediate traded around $74, as traders assessed what the decision could mean for the market in the weeks ahead.

The producer group’s move kept attention on near-term demand signals and whether inventories are tightening or building in the United States. Market participants are now looking to the next round of U.S. stockpile data for clues about consumption, refinery activity, and broader fuel demand.

China’s economic performance is also in focus, since weaker industrial activity or slower import demand could weigh on prices. For now, the market appears to be balancing steady OPEC+ supply plans against uncertainty over global demand growth.

Analysts say the next major catalyst may come from inventory releases and fresh indicators on the pace of energy consumption. Until then, crude prices are likely to remain range-bound as traders wait for clearer signals from both the U.S. and China.