Oil was flat near two-month highs on Monday, putting July on track to become the strongest month so far this year, as news of a producers’ meeting next week added to bullish sentiment driven by the threat of U.S. sanctions against OPEC-member Venezuela.

Investors also eyed a tightening U.S. market after heavy inventory falls and slower new oil rig additions last week, according to Reuters.

“Sentiment in the oil market became very bullish after OPEC said it will meet with partners in Abu Dhabi next week to discuss compliance,” said Frank Schallenberger, head of commodity research at LBBW.

Some OPEC and non-OPEC members will meet on Aug. 7-8 in Abu Dhabi to assess how the group can increase compliance with production cuts that began on Jan. 1.

Benchmark Brent crude LCOc1 traded at $52.47 a barrel at 1332 GMT, down 5 cents from Friday’s close. Brent earlier hit $52.92 a barrel, its highest since May 25.

U.S. light crude oil CLc1 traded briefly above $50 per barrel for the first time in two months before easing back to around $49.53 a barrel.

Hedge funds and money managers have raised bullish bets on U.S. crude oil to their highest in three months, U.S. data showed.