WASHINGTON (dpa-AFX) - Oil held a decline on Friday before an OPEC+ meeting that's set to deliver another oversized production hike.
Ongoing concerns over U.S.' protectionist trade policies and fiscal worries also weighed on prices.
Benchmark Brent crude futures for September delivery fell 0.7 percent to $68.33 in European trade, with a weaker dollar helping limit overall losses to some extent. WTI crude futures for August delivery were down 0.7 percent at $66.56.
The eight OPEC+ member countries, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, are expected to set their production levels at a meeting on Sunday.
The cartel intends to raise production by 411,000 bpd in August. If Russia concurs with the decision to boost output, that could bring the year's increase to 1.78 million bpd, roughly 1.5 percent of global demand.
The dollar slipped against other major currencies as tariff worries returned to the fore ahead of the July 9 deadline.
U.S. President Donald Trump said late Thursday that his administration will start sending out letters to different countries starting Friday, telling them what import tax (tariff) rates they will have to pay to sell goods in the U.S.
Separately, U.S. Treasury Secretary Scott Bessent has said the U.S. and India are nearing a deal but talks with Japan and South Korea - have been stalled for weeks.
U.S. fiscal worries also remain on investors' radar following the passage of Trump's 'big, beautiful' tax and spending bill, which would add trillions to the national debt and deepening fiscal imbalances.
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