Ammon News - Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over U.S. tariffs and their potential impact on global economic growth weighed on demand expectations.

Brent crude futures fell 47 cents, or 0.69%, to $67.83 a barrel by 0327 GMT, while U.S. West Texas Intermediate crude was at $66.05, down $0.95, or 1.42%.

The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August.

Oil also came under pressure as U.S. officials flagged a delay on tariffs but failed to provide details on the change.

The U.S. is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates scheduled to take effect on August 1.

Trump in April announced a 10% base tariff rate on most countries and higher "reciprocal" rates ranging up to 50%, with an original deadline of this Wednesday.

However, Trump also said levies could range in value from "maybe 60% or 70% tariffs to 10% and 20%", further clouding the picture. Reuters