The market expects OPEC+ to decide at its July 6 meeting to increase August crude oil production significantly. Investors are also focused on the progress of trade negotiations ahead of the July 9 tariff deadline set by US President Donald Trump. International crude oil prices rose slightly on July 1.

West Texas Intermediate (WTI) crude for August delivery increased by US$0.34 (0.5%), reaching US$65.45 per barrel on the New York Mercantile Exchange. Brent crude for September delivery grew by US$0.37 (0.6%), settling at US$67.11 per barrel.