Oil edges up as investors await Opec+, tariff meeting

Oil prices were slightly higher on Tuesday as investors assessed expectations that Opec+ will announce an output hike for August at an upcoming meeting as well as trade negotiations. Brent crude was up 54 cents, or 0.8 per cent, to $67.28 a barrel at 1133 GMT, while US West Texas Intermediate crude was up 56 cents, or 0.9 per cent, to $65.67 a barrel.

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The market's main focus is the 411,000-barrel-per-day production hike that Opec+ is expected to announce for August in a meeting on July 6, said Saxo Bank analyst Ole Hansen, adding that this was partially offset by potential trade deals improving the demand outlook.

“The market is now concerned that the Opec+ alliance will continue with its accelerated rate of output increases,” ANZ senior commodity strategist Daniel Hynes said in a note.