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Oil prices eased on Tuesday following a nearly 2% surge the previous day, as markets digested escalating U.S. tariff tensions and a surprise increase in August output by OPEC+. Brent crude futures slipped 21 cents to $69.37 a barrel, while U.S. West Texas Intermediate (WTI) fell 24 cents to $67.69.
The dip came after U.S. President Donald Trump announced sweeping 25% tariffs on countries including major oil suppliers Japan and South Korea, set to take effect on August 1. The move added volatility to global markets, stoking fears of a slowdown in global economic growth and a potential drag on oil demand.
Despite these concerns, demand in the U.S.—the world’s largest oil consumer—remains resilient. AAA projected a record 72.2 million Americans would travel over 50 miles during the Fourth of July holiday, supporting short-term consumption. Reflecting bullish sentiment, the U.S. Commodity Futures Trading Commission reported that money managers raised net-long positions in oil futures and options contracts through July 1.
Meanwhile, supply pressures are growing. OPEC and its allies, collectively known as OPEC+, agreed to boost output by 548,000 barrels per day (bpd) in August—well above the 411,000-bpd monthly increases seen since May. The move nearly eliminates the 2.2 million bpd in voluntary cuts implemented earlier. Analysts at Goldman Sachs anticipate a final 550,000-bpd increase to be announced at the next OPEC+ meeting on August 3.
However, the actual production boost has lagged behind announced targets, with most of the new supply coming from Saudi Arabia. The imbalance between pledged and real output continues to fuel uncertainty in oil markets already grappling with trade disruptions and demand risks.
