Oil prices rose slightly on Tuesday after starting the day in the red. The oil market is once again turning to OPEC+, which will meet next Thursday to decide on its level of production from August.

Analysts say OPEC+ could increase production on occasion. Producers could decide to increase output by 550,000 barrels a day in August, according to a Bloomberg survey, but that's barely a quarter of the global shortfall OPEC+ anticipates in the month. Pending Thursday's meeting, crude prices continue to soar. In the morning of yesterday, the barrel of Brent from the North Sea for delivery in August touched 76.18 dollars in London. In New York, the barrel of WTI for the same month reached 74.11 dollars. Brent and WTI touched $76.60 and $74.45 during the Asian session, a first since October 2018. The price of black gold has risen by more than 50% since the start of the year and the outlook remains bullish with the economic recovery continuing, although some short-term risks remain. OPEC+ members have significant leeway to increase supply since they will still leave some 5.8 million barrels underground each day in July.