Oil prices slipped on Tuesday as traders anticipated a possible increase in crude output by OPEC+ at a meeting later this week. Brent crude futures fell 12 cents, or 0.19%, to $64.62 a barrel, while U.S. West Texas Intermediate dropped 15 cents, or 0.24%, to $61.38 a barrel.

“Crude oil edged lower as the market contemplated the outlook for rising OPEC supply,” said Daniel Hynes, senior commodity strategist at ANZ.OPEC+ members, including eight that had pledged voluntary cuts, are set to meet on May 31—one day earlier than planned—to finalize July production levels.

Sources expect an increase of 411,000 barrels per day.This comes after OPEC+ agreed to accelerate oil output increases for a second straight month in June.Despite the dip, losses were limited after U.S. President Donald Trump extended trade talks with the European Union until July 9, reducing fears of tariffs that could dampen fuel demand.

In other news, Iran raised its official selling price for light crude oil in Asia, signaling confidence amid ongoing nuclear negotiations.

Iranian President Masoud Pezeshkian said Iran “would be able to survive” if talks with the U.S. fail, a scenario that could keep sanctions in place and limit supply, potentially supporting oil prices.