Oil prices edge down as wary traders eye upcoming OPEC+ meeting

Oil prices edge down as wary traders eye upcoming OPEC+ meeting

SINGAPORE (Reuters) - Oil prices edged down on Monday as traders took profits, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.. The price falls come after front-month Brent and WTI prices posted their strongest monthly gains in years in May. Gains were boosted by OPEC crude production dropping to its lowest in two decades, with demand expected to recover as more nations emerge from coronavirus lockdowns.. "The focus is very much on OPEC+," OCBC economist Howie Lee said, referring to OPEC and its allies including Russia.. but if OPEC+ does come up with a three-month extension, there's a possibility that prices may hit the $40 level," Lee said.. Saudi Arabia is proposing to extend record cuts from May and June until the end of the year, but has to win support from Russia, sources have told Reuters..