The Financial Post reports in its Wednesday, July 2, edition that oil traders expect OPEC+ will agree to a fourth bumper oil supply increase on the weekend. A Bloomberg dispatch to the Post reports that eight key OPEC+ nations are preparing to discuss another hike of 411,000 barrels a day, due to take effect in August, delegates said last week. They will likely approve the move when they hold a conference on Sunday, according to a survey of 26 traders and analysts. The Organization of the Petroleum Exporting Countries and its allies have been reviving halted output at triple the initially scheduled rate during the past three months, despite faltering fuel demand and signs of global oversupply. The unexpected strategy pivot has heaped pressure on crude prices, which slid last week after a truce between Israel and Iran soothed fears over risks to Middle East exports. Brent futures are trading near $68 (U.S.) a barrel, down more than 9 per cent since the start of the year. OPEC's choice will shape the trajectory for oil prices in the months ahead. Opening the taps stands to swell an impending global surplus, deepening a price slide that has tempered inflation but slashed revenues for producing nations.