Oil prices were little changed in Asian trading on Wednesday as investors monitored the upcoming OPEC+ meeting and weighed a mix of signals from global supply, demand, and macroeconomic indicators.
By 3:10 pm AEST, Brent crude rose 9 cents or 0.1% to US$67.20 per barrel, while U.S. West Texas Intermediate (WTI) crude edged up 6 cents or 0.1% to US$65.44.
The market is treading cautiously ahead of the OPEC+ meeting on July 6, with expectations that the group will maintain its current path of gradually increasing supply.
The anticipated output hike from OPEC+ - 411,000 barrels per day (bpd) in August - matches previous increases for May through July and is largely expected by the market.
Reuters reported that data from Kpler showed Saudi Arabia ramped up exports in June by 450,000 bpd from May, reaching its highest shipment level in over a year.
U.S. crude inventories, meanwhile, rose unexpectedly by 680,000 barrels last week, according to American Petroleum Institute data. That increase comes at a time when stockpiles usually decline due to summer travel demand.
Official inventory data from the U.S. Energy Information Administration is due later Wednesday and will provide further insight into the domestic supply-demand balance.
A weaker U.S. dollar has also supported crude prices. The greenback hit a three-and-a-half-year low against a basket of major currencies earlier on Wednesday, making oil cheaper for buyers using other currencies.
Looking ahead, investors are focused on Thursday’s U.S. non-farm payrolls report, which could shape expectations for interest rate cuts by the Federal Reserve in the second half of the year. Looser monetary policy could boost economic activity and, in turn, increase oil demand.
