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

U.S. stock-market futures declined as the Trump administration said a broad swath of tariffs against U.S. trade partners won’t take effect until Aug. 1, rather than July 9.

Oil prices eased on Tuesday after rising almost 2% in the previous session, as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August. Brent crude futures dropped 21 cents at $69.