Oil prices settle down on potential further increase in OPEC+ output

Oil prices settled lower on Thursday as investors weighed a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could outpace demand growth.

Brent futures settled down 47 cents, or 0.72%, to $64.44 a barrel. U.S. West Texas Intermediate crude settled down 37 cents, or 0.6%, at $61.20.

The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another large output increase at their meeting on June 1, Bloomberg News reported.

An increase of 411,000 barrels per day for July is among the options under discussion, though no final agreement has been reached, the report said, citing delegates.