Oil ekes out small gain to finish higher as traders await OPEC+ meeting

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Oil futures ended a choppy session with a small gain Tuesday as traders await a Thursday meeting of the Organization of the Petroleum Exporting Countries and its allies. West Texas Intermediate crude for August delivery
CL00,
+0.69%
CLQ21,
+0.69%
rose 7 cents, or less than 0.1%, to end at $72.98 a barrel after flipping between small gains and losses. OPEC+ is expected to approve a further easing of production curbs that would see crude output rise by an additional 500,000 barrels a day beginning in August as demand continues to improve amid a global economic recovery. Traders will also be watching private industry data on weekly U.S. crude inventories due Tuesday afternoon, followed by more closely followed data from the Energy Information Administration on Wednesday morning. Analysts surveyed by S&P Global Platts, on average, look for the EIA data to show U.S. crude inventories fell by 4.7 million barrels in the week ended June 25.

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