Brent crude at last look lost 0.2% to US$69.42/barrel and West Texas Intermediate crude fell 0.4% to US$67.67/b.

U.S. President Donald Trump reportedly told trade partners on Monday that higher tariffs will start on Aug. 1, but that the deadline was not final, Reuters said in a Tuesday report.

Oil prices were also under pressure from the higher-than-expected output hike by the Organization of the Petroleum Exporting Countries and allied producers, which agreed to raise production by 548,000 barrels per day in August, the report said.

When oil demand declines seasonally, the additional OPEC+ output will hit the market and raise downside risks to prices, Reuters quoted HSBC analysts as saying in a note.

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