Oil falls as OPEC+ supply surprise jolts market, tariffs loom
Oil prices dipped after OPEC+ announced a surprise August supply hike of 548,000 bpd, more than expected. Brent fell 1% to $67.63 and WTI to $65.83. While UBS sees tight markets absorbing extra supply, trade tensions and upcoming US tariffs may curb demand. Saudi Arabia raised Asian crude prices, OPEC+ to set September output on August 3.