Oil Settles Higher Awaiting OPEC Meeting

Oil prices increased on Tuesday, as the market anticipates the results of the OPEC+ summit.

The US benchmark crude, West Texas Intermediate (WTI), futures for August delivery settled higher by 19 cents, or 0.5%, at $40.29 per barrel.

Meanwhile, the global benchmark, Brent crude oil futures for September delivery increased by 18 cents, or 0.4%, and closed at $42.90 a barrel.

The 9.7 million barrels per day output cut was renewed until the end of July, and the OPEC meeting will determine the fate of the production curbs, with concerns that major producers may reduce cuts or increase production as many markets reopen.