Oil prices rise on strong demand signals ahead of OPEC+ decision
prices edged higher on Tuesday as investors took stock of positive
demand
indicators, while also treading cautiously ahead of an OPEC+ meeting to decide the gro
up
's August output policy.
Brent crude
LCOc1
settled
up
37 cents, or 0.6 per cent, at $67.11 a barrel, while US West Texas Intermediate crude
CLc1
settled 34 cents higher, or
up
around 0.5 per cent, at $65.45 a barrel.
The gains were likely due to s
up
portive data from a private-sector survey in China, which showed factory activity
oil
brokerage Liquidity Energy.
Expectations that Saudi Arabia will raise its August crude
oil
prices for buyers in Asia to a
oil
were also s
up
porting the notion of robust
demand
, Rothenberg said.
Oil
's gains were kept in check by expectations that the OPEC+ gro
up
will boost its August crude
oil
output by an amount similar to the outsized hikes agreed in May, June, and July. Four OPEC+ sources told Reuters last week the gro
up
plans to
'All eyes will be on OPEC+'s decision over the weekend, when the gro
up
is expected to add another 411,000 bpd of production in an effort to gain more market share, primarily over the US shale producers,' StoneX energy analyst Alex Hodes told clients.
Besides gaining market share from US shale producers, which pumped
oil
at a
up
has also been trying to punish overproducing members.
OPEC+ member Kazakhstan, one of the world's 10 largest
oil
producers, raised
oil
production last month to match an
Saudi Arabia, the de facto leader of the OPEC+ gro
up
, raised its June crude
oil
exports to the fastest rate in a year, data from Kpler showed.
'These exports are flooding out even faster than the OPEC+ deal implies during the summer, when peak domestic
demand
typically keeps
oil
s
up
plies closer to home,' Hodes said.
In the US, crude
oil
inventories rose by 680,000 barrels in the past week, according to sources citing figures from the American Petroleum Institute. Official data from the Energy Information Administration is due Wednesday at 10:30 a.m. ET.
API/S
Trump and tariffs
Investors are also watching trade negotiations ahead of US President Donald Trump's tariff deadline of July 9. Trump on Tuesday said he is not thinking of extending the deadline.
A trade deal with India was
Bessent also warned countries could be notified of
The European Union wants immediate
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