Price have been kept in check by expectations that the Organization of the Petroleum Exporting Countries and its allies including Russia, know as OPEC+, will boost its August crude oil output by an amount similar to the outsized hikes agreed in May, June, and July.

Oil prices fell as major OPEC+ producers were expected to soon announce another large output hike and amid uncertainty that tariffs could be reinstated on some U.S. trading partners if deals weren’t concluded.