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SINGAPORE: Oil prices retreated on Tuesday after rising almost 2 percent in the previous session as investors assessed new developments on US tariffs and a higher-than-expected OPEC+ output hike for August.

Brent crude futures dipped 22 cents, or 0.3 percent, at $69.36 a barrel by 8:30 a.m. Saudi time. US West Texas Intermediate crude fell 27 cents, or 0.4 percent, at $67.66 a barrel.

US President Donald Trump on Monday began telling trade partners, which included major suppliers South Korea and Japan as well as smaller US exporters like Serbia, Thailand and Tunisia, that sharply higher US tariffs will start Aug. 1, though he later said that deadline was not 100 percent firm.

Trump’s tariffs have prompted uncertainty across the market and concerns they could have a negative effect on the global economy and, consequently, on oil demand.

However, there are some signs current demand remains strong, particularly in the US, the world’s biggest oil consumer, which has supported prices.

A record 72.2 million Americans were projected to travel more than 50 miles (80 km) for Fourth of July vacations, data from travel group AAA showed last week.

Investors were bullish heading into the holiday period with data from the US Commodity Futures Trading Commission released on Monday showing money managers raised their net-long futures and options positions in crude oil contracts in the week up to July 1.

“Prompt demand remains healthy on the back of seasonal factors. The question remains if forward demand will maintain to absorb the larger-than-expected supply from OPEC+,” said Emril Jamil, a senior analyst at LSEG Oil Research.

Other signs of higher demand were seen in India, the world’s third-largest oil consumer, with government data reporting fuel consumption in June was 1.9 percent higher than a year ago.

On Saturday, the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, agreed to raise production by 548,000 barrels per day in August, exceeding the 411,000-bpd hikes they made for the prior three months.

The decision removes nearly all of the 2.2 million-bpd of voluntary cuts the group enacted. They are set to approve an increase of about 550,000 bpd for September when it meets on Aug. 3, according to five sources familiar with the matter, which would unwind all of the cuts.

However, actual output increases have been smaller than the announced levels so far and most of the supply has been from ��������, analysts said.

RIYADH: ��������’s Tadawul All Share Index advanced 0.26 percent, or 29.73 points, to close at 11,345.46 on Monday. 

The total trading volume reached SR5.5 billion ($1.4 billion), with 132 companies experiencing growth and 116 declining. 

The MSCI Tadawul 30 Index edged up 0.21 percent to 1,454.38, while the parallel market Nomu posted a stronger performance, gaining 0.75 percent to finish at 27,462.84. 

Among the top performers, Tourism Enterprise Co. surged 9.64 percent to SR0.91. 

Ayyan Investment Co. rose 4.28 percent to SR14.38, while Sumou Real Estate Co. gained 4.18 percent to close at SR42.82. 

Buruj Cooperative Insurance Co. advanced 4.11 percent to SR18.99, and Tamkeen Human Resources Co. climbed 3.71 percent to end at SR55.90. 

On the losing side, Miahona Co. recorded the steepest decline, falling 3.35 percent to SR25.98.  

Umm Al-Qura Cement Co. dropped 3.21 percent to SR16.59. Saudi Kayan Petrochemical Co. slipped 2.31 percent to SR5.07. 

Almarai Co. decreased 2.05 percent to SR50.15, and Halwani Bros. Co. fell 2.04 percent to SR45.20. 

On the announcement front, Riyad Bank stated that it had commenced the offer of its US dollar-denominated Tier 2 trust certificates under its international trust certificate issuance program. 

The issuance will be conducted through a special-purpose vehicle and is targeted at eligible investors in the Kingdom and internationally. 

The certificates will have a minimum subscription of $200,000, with increments of $1,000 in excess thereof, and a par value of $200,000. They will have a maturity of 10 years, callable after five years. 

The amount and terms of the offer will be determined subject to market conditions. 

Riyad Bank has mandated DBS Bank, HSBC, and J.P. Morgan Securities, as well as Merrill Lynch, Mizuho, Riyad Capital, SMBC, and Standard Chartered as joint lead managers. 

The certificates will be listed on the London Stock Exchange’s International Securities Market. Riyad Bank shares closed at SR28.90, down 0.48 percent. 

Alinma Bank announced its intention to issue US dollar-denominated certificates under its own trust certificate issuance program, as per a board resolution dated May 13, which delegated authority to its chief executive officer. 

The offer is also expected to be conducted through a special-purpose vehicle and directed at eligible investors in �������� and abroad. 

The issuance will be subject to regulatory approvals and compliance with applicable laws and regulations. 

Alinma Bank has appointed Abu Dhabi Islamic Bank, Alinma Capital, and Dubai Islamic Bank, as well as Emirates NBD, Goldman Sachs, J.P. Morgan, and Standard Chartered as joint lead managers. 

The amount and terms of the offer will be determined by market conditions. Alinma Bank shares ended the session at SR27.20, falling 0.87 percent.