Australian shares are poised to fall on Monday after the Organization of the Petroleum Exporting Countries (OPEC) agreed to raise output quotas by 188,000 barrels per day from August, adding to global supply and extending pressure on crude prices amid a gradual reopening of the Strait of Hormuz and easing Middle East supply disruptions.

In the macroeconomy, investors are eyeing the release of the ANZ-Indeed Job Ads and the Melbourne Institute monthly inflation gauge report.

In corporate news, Vault Minerals (ASX:VAU) received an unsolicited binding proposal from Genesis Minerals (ASX:GMD) to merge via acquisition by Genesis of all ordinary shares in Vault through a scheme of arrangement, valuing Vault at AU$5.6 billion or AU$5.27 per share.

Greatland Resources (ASX:GGP) posted preliminary June quarter production of 79,099 ounces of gold and 3,573 tonnes of copper.

Australia's benchmark index rose 1.4% or 119.9 points to close at 8,844.40 on July 3.