Record gains for oil prices over May may be unsustainable given the weak economic backdrop and an upcoming OPEC+ meeting that has already elicited speculative hopes of more production being sacrificed.

WTI oil futures held their gains on Monday after the US crude benchmark on Friday crowned May's rebound with a 5.3 per cent surge on optimism the OPEC+ group of oil-producing nations, including Russia, will bring forward its next meeting from June 11 to June 4.

ANZ Banking Group commodities strategist Daniel Hynes said traders viewed the possible date change as a hint OPEC+ members were considering additional production cuts from July 1, 2020.

"The market's really focused on the supply-side issues," said Mr Hynes. "The last OPEC+ agreement had significant cuts for May and June, but then easing off for the second half of the year.

"The potential for bigger cuts to remain in place for longer is part of the reason we saw those prices rally on Friday."

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