A portfolio manager pointed out a “unique” market development that could already be helping to tighten global crude inventories, even as major oil producers look to boost output for a fifth straight month.

Oil prices were steady on Tuesday as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting as well as trade negotiations. Brent crude was up 5 cents to $66.

Oil prices edged lower in early trade, as concerns over OPEC+'s production plans and unresolved trade tensions continue to cloud sentiment. Brent crude fell 0.4% to $66.58 a barrel, while WTI was down 0.