The price of oil was stable on Monday despite a larger-than-expected increase in production by the Organization of the Petroleum Exporting Countries and its allies. Seasonal demand and doubts about the actual increase in output explain the muted reaction.

Oil futures slipped slightly in thin holiday trading on Friday, as the market looked ahead to this weekend's OPEC+ meeting and the likelihood that member countries will decide to raise output.

The increase, which the group said was a response to “a steady global economic outlook,” was higher than some analysts expected and could lead to lower oil prices.