Oil prices fell on Tuesday as concerns over a potential OPEC+ supply increase in August and rising uncertainty around U.S. trade tariffs weighed on market sentiment.
Brent crude slipped 0.5% to $66.44 per barrel, while WTI dropped 0.5% to $64.78. Analysts noted that traders expect OPEC+ to boost output by an additional 411,000 barrels per day next month, building on recent production increases — a move that could further loosen global supply conditions.
Trade-related concerns also pressured prices. With the July 9 deadline approaching, U.S. Treasury Secretary Scott Bessent warned that suspended tariffs of up to 50% could be reinstated, casting a shadow over global trade flows and dampening oil demand expectations.
In a note to clients, Morgan Stanley forecast Brent crude could fall to $60 per barrel by early 2026, citing easing geopolitical tensions and an expected supply surplus as key drivers.