Oil eases on expectations of more OPEC+ supply, tariff fears
Brent crude fell 30 cents, or 0.5%, to $66.44 a barrel by 0430 GMT, while U.S. West Texas Intermediate crude edged lower 33 cents, or 0.5%, to $64.78 a barrel.
"The market is now concerned that the OPEC+ alliance will continue with its accelerated rate of output increases," ANZ senior commodity strategist Daniel Hynes said in a note.
Four OPEC+ sources told Reuters last week that the group plans to raise output by 411,000 barrels per day in August, following similar hikes in May, June, and July.
If approved, this would bring OPEC+'s total supply increase for the year to 1.78 million bpd, equivalent to more than 1.5% of global oil demand. OPEC and its allies including Russia, together known as OPEC+, will meet on July 6.
A 12-day war that started with Israel targeting Iran's nuclear facilities on June 13 pushed up Brent prices. They surged above $80 a barrel after the U.S. bombed Iran's nuclear facilities and then slumped to $67 after Trump announced an Iran-Israel ceasefire. Reuters
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