08:35 AM EDT, 06/26/2025 (MT Newswires) -- Oil edged higher early on Thursday, rising for a second day on signs of solid U.S. summer demand while the market is eyeing coming supply hikes from OPEC+.

West Texas Intermediate crude oil for August delivery was last seen up US$0.40 to US$65.32 per barrel, while August Brent crude was up US$0.35 to US$68.03.

The rise comes after the Energy Information Agency on Wednesday reported U.S. commercial crude oil inventories fell by fell by 5.8-million barrels last week, well more than the consensus estimate for a 0.8-million barrel drop and leaving stocks 11% under the five-year average. Gasoline inventories also fell, showing strong demand amid the U.S. summer driving season.

Still, supply is on the rise as OPEC+ readies to add a fourth tranche of 411,000 barrels per day of production hikes beginning on July 1 and will meet July 6 to decide on whether to add another same-sized increase in August.

"We have now reached peak run season, and still a sizeable amount of crude oil is expected to come on in the third quarter of this year," Brian Leisen, Global Oil Strategist at RBC Capital Markets, wrote.