Last month, OPEC+ pre-annonced an output boost for July and August of 648K bpd for July and August. They will rubber-stamp that at next week's meeting, according to five sources cited by Reuters.

That said, things can change quickly. Last month, we heard the same reports and then they upped output in a late shift.

WTI crude oil is trading down $1.00 to $105.20/barrel.