WASHINGTON (dpa-AFX) - Oil prices were flat to slightly higher on Wednesday as investors braced for OPEC+ supply increases.
A softer U.S. dollar helped prop up prices ahead of the release of official U.S. crude inventory report from the Energy Information Administration.
Benchmark Brent crude futures edged up by 0.3 percent to $67.31 a barrel in European trade while WTI crude futures were up 0.2 percent at $65.56.
The July 6 meeting of OPEC+ will mark a pivotal moment for global oil markets, with the cartel expected to hike August output by 411,000 bpd.
The August increase, if approved, would mark the fourth straight monthly boost aimed at clawing back market share lost during its 2023-2024 output cuts.
Surprisingly, the cartel's ambition to unwind all voluntary cuts by year-end comes against a backdrop of cooling geopolitical tensions and U.S.-China trade uncertainties.
The official government inventory report may garner attention later in the day after industry data showed a surprise build in U.S. crude stocks for the week ended June 28.
American Petroleum Institute data late on Tuesday showed that U.S. crude oil inventories rose by 680,000 barrels in the past week against expectations a decrease of about 2.3M barrels.
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