Oil prices edged lower in early trade, as concerns over OPEC+'s production plans and unresolved trade tensions continue to cloud sentiment. Brent crude fell 0.4% to $66.58 a barrel, while WTI was down 0.

A portfolio manager pointed out a “unique” market development that could already be helping to tighten global crude inventories, even as major oil producers look to boost output for a fifth straight month.

If approved, this would bring OPEC+'s total supply increase for the year to 1.78 million bpd, equivalent to more than 1.5% of global oil demand. OPEC and its allies including Russia, together known as OPEC+, will meet on July 6. Uncertainty about U.S. tariffs and their impact on global growth also kept a lid on oil prices.