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.
Oil prices ease as traders assess US tariffs and OPEC+ output boost
FE Team | Published: July 08, 2025 23:39:45
Oil prices ease as traders assess US tariffs and OPEC+ output boost
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