WASHINGTON (dpa-AFX) - Oil prices were slightly higher in cautious trade on Monday as investors braced for more OPEC+ supply.
Benchmark Brent crude futures edged up by 0.2 percent to $66.93 a barrel in European trade as the dollar slid on optimism over U.S. trade deals ahead of the impending July 9 deadline for reciprocal tariffs. WTI crude futures were up 0.2 percent at $65.62.
As geopolitical risks in the Middle East ease, the focus has now shifted to the upcoming July 6th meeting of OPEC+, where another hike in production by 411,000 bpd is likely to be approved for August, following similar-sized output increases for May, June and July.
Investors also fretted about the outlook for global demand, particularly from China, after a survey showed China's manufacturing activity shrank for a third month in June amid weak demand.
There is still evidence of weak business sentiment, with employment, factory gate prices and new export orders still languishing, and keeping alive calls for even more stimulus.
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