LONDON — Oil prices were steady 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 5 cents to $66.79 a barrel at 0901 GMT, while US West Texas Intermediate crude was up 4 cents to $65.15 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.
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