Oil Prices Face Monthly Decline Ahead of Crucial OPEC+ Meeting

Investors await OPEC+ decision on production cuts and key U.S. inflation data as oil markets remain volatile.

U.S. crude oil is down 4.8% in May, while Brent has fallen 7.2%.
OPEC+ to review voluntary output cuts of 2.2 million barrels per day on Sunday.
Higher U.S. gasoline inventories and weak demand contribute to market pressure.
Federal Reserve signals no imminent rate cuts, adding to market uncertainty.
Eurozone inflation data and U.S. borrowing costs impact oil demand expectations.