If approved, this would bring OPEC+'s total supply increase for the year to 1.78 million bpd, equivalent to more than 1.5% of global oil demand. OPEC and its allies including Russia, together known as OPEC+, will meet on July 6. Uncertainty about U.S. tariffs and their impact on global growth also kept a lid on oil prices.

The EIA revealed on Tuesday that the United States imported over 30 million barrels of crude oil from OPEC countries in May.