Oil advanced ahead of an OPEC+ policy meeting as traders expect rising demand to absorb a planned production increase from the group as well as any additional crude from Iran.

Futures in New York climbed past US$67 a barrel, putting crude on track for a second straight monthly gain. OPEC and its allies are expected to stick with a decision to boost output in July when the group gathers Tuesday, according to a Bloomberg survey last week. While rebounding demand is driving prices higher, the possibility of more barrels from Iran should a nuclear deal be revived is clouding the outlook.

“I’m really looking at what OPEC+ says about the period beyond the next two months and whether they indicate they’re positive about demand continuing to grow and that being able to absorb any more barrels from Iran,” said Ed Bell, an oil analyst at Dubai-based bank Emirates NBD PJSC.

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