Oil prices ease as traders assess US tariffs and OPEC+ output boost

LONDON, July 8 (Reuters): Oil prices retreated on Tuesday, having climbed almost 2 per cent in the previous session, as investors assessed the latest developments on US tariffs and a higher than expected increase to OPEC+ output for August.
Brent crude futures fell 12 cents, or about 0.2 per cent, to $69.46 a barrel by 1043 GMT. US West Texas Intermediate crude lost 25 cents, or about 0.4 per cent, to $67.68.
While prices seem to be pressured by OPEC+ unwinding its voluntary output cuts, tightness in middle distillates and Houthi attacks on cargo ships are supporting the market, said Rystad analyst Janiv Shah.
On Saturday, the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and its allies agreed to raise production by 548,000 barrels per day (bpd) in August.