Prices of oil are stable as traders monitor discussions between the U.S. and EU and await OPEC+’s decision regarding July oil production.

Oil rates remained unchanged due to moderate hopes that trade complications between the EU and the US were lighter. Brent crude oil dropped below $65 a barrel and West Texas Intermediate hovered at $61, due to markets being closed in London and New York on Monday.

The new trade deal with the US was quickly agreed upon by Brussels, which many viewed as a response to President Trump’s comments, leading to more hope for lower economic tension.  Market research indicates that global markets lack confidence due to historic tariff increases and issues that have emerged in China.

Ever since mid-January, the price of oil has gone down due to some analysts linking the drop to scarce demand and increased supply. It is expected that OPEC+ will ease current production cuts, a decision that was made possible by bringing forward a crucial video conference to May 31 to finalize July’s output levels for eight member countries.

According to Zhou Mi of Chaos Ternary Futures Co., the trend of falling crude prices is still solid as OPEC+ adjusts supply and tariffs influence demand.

Until OPEC+ makes its decision, the market will remain cautious, as trade activities and decisions about output play a big part in shaping opinion.