Oil prices dip slightly in thin holiday trading

Oil prices fell modestly at the beginning of the European trading session on Monday with crude oil futures dropping 0.1% to trade at $61.59 per barrel.

Similarly, the exchange rate for Brent crude oil saw a 0.2% decline, bringing its trading price down to $64.21.

It was reported last week that OPEC+ members are considering a significant production increase. The discussions are set to take place at their meeting on June 1, according to a report from Bloomberg News.

The potential output increase could be as much as 411,000 barrels per day (bpd) for July, though no final decision has been made.

Earlier reports suggested that OPEC+ plans to expedite oil production increases. The group could potentially reintroduce up to 2.2 million bpd to the market by November, which could include an accelerated increase in July.