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Oil prices fell slightly in the last week of May, as the market awaited OPEC’s 1 June meeting in Caracas and the late release of US stock data. Spot Brent was trading at $66.60 a barrel on 31 May, compared with $67.54 a barrel a week earlier. As MEED went to press, all the signs were that OPEC would leave output on hold at 28 million barrels a day. Only the host Venezuela was calling for an output cut ironically, given that it is unable to produce at its quota level.