Ammon News - Oil prices retreated on Tuesday after rising almost 2% in the previous session as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August.

Brent crude futures dipped 22 cents, or 0.3%, at $69.36 a barrel by 0630 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.4%, at $67.66 a barrel.

Trump's tariffs have prompted uncertainty across the market and concerns they could have a negative effect on the global economy and, consequently, on oil demand.

However, there are some signs current demand remains strong, particularly in the U.S., the world's biggest oil consumer, which has supported prices.

On Saturday, the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, agreed to raise production by 548,000 barrels per day in August, exceeding the 411,000-bpd hikes they made for the prior three months. Reuters