WTI dips under $68 as OPEC+ lifts output, US trade tensions escalate

Crude oil prices came under dominated pressure on Tuesday, with WTI futures falling below $68 per barrel as renewed trade tensions and supply concerns unsettled markets. The US unveiled a fresh wave of tariff threats, including a 25% levy on imports from key trading partners like Japan and South Korea, effective August 1. This move raised fears of a slowdown in global demand. At the same time, OPEC+ agreed to raise production by 548,000 bpd in August, marking a larger-than-expected hike and the fourth consecutive monthly increase, restoring nearly 80% of earlier voluntary cuts. While bearish forces, the downside was cushioned by a weaker US dollar, with the DXY slipping below the 97 mark. On the domestic front, MCX July crude futures traded marginally lower at ₹5790, down 0.12%.

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