Overview

• OPEC+ sources say the group will raise its August crude output by 411,000 barrels per day at the July 6 meeting.
• Brent crude trades near $67 a barrel and U.S. West Texas Intermediate hovers around $65 as markets await the supply decision.
• U.S. inventories unexpectedly rose by 3.8 million barrels for the week ending June 27, according to the Energy Information Administration.
• A private-sector Chinese PMI showed factory activity returned to expansion in June, signaling stronger oil consumption ahead.
• The Dallas Fed Energy Survey reported U.S. Eleventh District oilfield activity fell into contraction in Q2, reflecting slowing domestic production.