Crude futures were edging lower in early trading after gaining nearly 2% in the previous session, as investors weigh President Donald Trump’s renewed tariff threats and OPEC+’s large output hike.
Brent crude was down 0.1% to $69.55 a barrel, while WTI fell 0.2% to $67.81 a barrel.
Trump sent letters to several countries outlining tariff rates they would face unless trade deals are reached by Aug. 1., reigniting concerns over inflation and slower economic growth. However, “memories of past reversals and ongoing negotiations tempered market reaction,” analysts at IG said.
Meanwhile, the response to OPEC+’s larger-than-expected production increase remains broadly muted as traders say physical markets remain tight due to seasonal demand.