Brent crude hovered near $74 a barrel on Monday as traders waited for clarity from OPEC+ on its next production move. The market is focused on whether the producer group will begin easing output limits from August, a shift that could affect global supply expectations.

Prices have stayed relatively firm as investors balance the prospect of more barrels with signs that demand remains uneven across major economies. For now, the market appears to be trading cautiously, with many participants holding back until the alliance gives a clearer signal.

OPEC+ decisions often move energy markets because they shape supply forecasts for the months ahead. Even a modest change in policy can influence crude benchmarks, fuel costs, and inflation expectations in importing countries.

Analysts say the next announcement will help define whether the recent stability in oil prices continues or gives way to a sharper move. Until then, traders are likely to remain focused on production guidance, inventory data, and broader economic signals.