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.