Crude oil prices declined after OPEC agreed to raise production by 548,000 barrels per day in August. Oil prices also came under pressure as US officials flagged a delay on tariffs but failed to provide details on the change.

Oil crept higher as Saudi Arabia surprised customers in Asia by hiking prices for its main crude grade, signaling a vote of confidence that the market can absorb extra OPEC barrels.

OPEC+ attributed the production hike to steady global economic conditions and strong market fundamentals, pointing to low inventory levels as justification for the move.