By Anjana Anil<\/p>\n
(Reuters) -Oil prices edged down on Tuesday, weighed by expectations of an OPEC+ output hike in August and concerns of an economic slowdown driven by prospects of higher U.S. tariffs.<\/p>\n
Brent crude futures for September delivery fell 16 cents, or 0.24%, to $66.58 a barrel by 0000 GMT. U.S.<\/p>\n
West Texas Intermediate crude declined 20 cents, or 0.31%, to $64.91 a barrel.<\/p>\n
“The market is now concerned that the OPEC+ alliance will continue with its accelerated rate of output increases,” ANZ senior commodity strategist Daniel Hynes said in a note.<\/p>\n
Four OPEC+ sources told Reuters last week that the group plans to raise output by 411,000 barrels per day in August, following similar hikes in May, June, and July.<\/p>\n
If approved, this would bring OPEC+’s total supply increase for the year to 1.78 million bpd, equivalent to more than 1.5% of global oil demand. OPEC and its allies including Russia, together known as OPEC+, will meet on July 6.<\/p>\n
Uncertainty about U.S. tariffs and their impact on global growth also kept a lid on oil prices.<\/p>\n
U.S. Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs despite good-faith negotiations as a July 9 deadline approaches, when tariff rates are scheduled to revert from a temporary 10% level to President Donald Trump’s suspended rates of 11% to 50% announced on April 2.<\/p>\n
Morgan Stanley expects Brent futures to retrace to around $60 by early next year, with the market being well supplied and geopolitical risk abating following the Israel-Iran de-escalation. It expects an oversupply of 1.3 million bpd in 2026.<\/p>\n
A 12-day war that started with Israel targeting Iran’s nuclear facilities on June 13 pushed up Brent prices. They surged above $80 a barrel after the U.S. bombed Iran’s nuclear facilities and then slumped to $67 after Trump announced an Iran-Israel ceasefire.<\/p>\n
(Reporting by Anjana Anil in Bengaluru; Editing by Himani Sarkar)<\/p>\n","protected":false},"excerpt":{"rendered":"By Anjana Anil (Reuters) -Oil prices edged down on Tuesday, weighed by expectations of an OPEC+ output hike…\n","protected":false},"author":3,"featured_media":28509,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[24522,64,24523,2025,135,11411,24521,5005,67,132,68],"class_list":{"0":"post-28508","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-brent-crude-futures","9":"tag-business","10":"tag-daniel-hynes","11":"tag-economic-slowdown","12":"tag-markets","13":"tag-oil-prices","14":"tag-opec","15":"tag-president-donald-trump","16":"tag-united-states","17":"tag-unitedstates","18":"tag-us"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/28508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=28508"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/28508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/28509"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=28508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=28508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=28508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}