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Global crude oil benchmarks closed modestly higher on Tuesday, 1 July, as signs of strengthening demand buoyed sentiment ahead of a closely watched OPEC+ meeting that could shape the group’s production policy for August.

Brent crude futures rose 37 cents, or 0.6%, to settle at $67.11 a barrel.

WTI finished 34 cents higher, or about 0.5%, at $65.45 a barrel.

The gains were underpinned by encouraging data from China, where a private-sector survey showed factory activity returned to expansion in June. Industry insiders said the improvement in the world’s second-largest oil consumer provided a clear bullish cue for crude.

Further supporting sentiment were expectations that Saudi Arabia, the de facto leader of OPEC, may raise its official selling prices for August cargoes bound for Asia to the highest level in four months. 

However, the upside was tempered by investor caution ahead of the 6 July OPEC+ meeting, where the alliance is expected to continue its recent strategy of aggressive supply increases. According to sources cited by Reuters, the group plans to raise output by 411,000 barrels per day next month — in line with the substantial hikes already announced for May, June, and July.

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