Oil edges up

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FE Team | Published: July 01, 2025 22:54:40

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LONDON, July 1 (Reuters): 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.
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.