08:51 AM EDT, 05/17/2024 (MT Newswires) -- Oil prices were mostly steady early on Friday, continuing to trade within a tight range ahead of the June 1 OPEC+ meeting that will decide on whether the group will extend 2.2-million barrels per day of voluntary cuts into the third quarter.

West Texas Intermediate crude oil for June delivery was last seen up US$0.10 to US$79.33 per barrel, while July Brent crude, the global benchmark, was up US$0.03 to US$83.30.

West Texas Intermediate prices have traded between US$80.00 and US$78.00 since the beginning of the month, with supply and demand remaining mostly balanced as the market awaits the potential stimulus of interest rate cuts, the demand hike that comes with the start of the US summer driving season on the Memorial Day long weekend, and a decision from OPEC+ on whether to continue production cuts slated to end on June 30.

"A rangebound crude oil market is focusing on the next move from OPEC+ as they prepare to meet next month," Saxo Bank noted.

OPEC+ is debating whether to hold its June 1 ministerial meeting in person or virtually, with a decision not to meet at OPEC's Vienna headquarters likely to be seen as an indication the cartel and its allies will extend production cuts past their scheduled expiry to support prices.

"Holding an online meeting can convey "nothing to see here" optics, and would seemingly point to a rollover outcome," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets said in a note. "Holding a virtual meeting on June 1 would also afford the group time to digest the end-of-June secondary source assessments that will be used to set the 2025 reference production levels before answering a barrage of analyst and journalist questions. Moreover, going online also minimizes public displays of disaffection, such as the multiple Angola meeting walkouts or Iranian meltdowns that characterized past Vienna meetings."