(MENAFN) Crude oil prices slipped beneath the significant $70 threshold last week as an uptick in production from the OPEC+ alliance helped calm fears over global supply.

Simultaneously, fresh tariff threats from U.S. President Donald Trump cast a shadow over demand prospects.

Brent crude closed at $68.60 per barrel on July 18, marking a 2% decline over the week. Meanwhile, West Texas Intermediate (WTI) experienced a larger decrease of 2.3%, settling at $66.

According to OPEC’s recent monthly assessment, the group’s oil production climbed by 220,000 barrels per day (bpd) in June, reaching 27.023 million bpd.

Output across the wider OPEC+ coalition also increased, rising by 349,000 bpd to a total of 41.56 million bpd during the same timeframe.

Despite maintaining its global consumption forecast for 2025, OPEC still anticipates a 1.3 million bpd rise in demand for this year, pushing overall consumption to 105.13 million bpd.

Nevertheless, market analysts suggested that the steady demand outlook, when paired with growing supply, has heightened predictions of a surplus—intensifying downward pressure on prices.

Investor confidence took an additional hit when Trump declared new tariffs on July 12, amplifying trade friction with the European Union.

The newly announced measures include a sweeping "30% duty on all imports from the EU," set to take effect on August 1.

These tariffs build upon already existing levies targeting specific sectors.

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