Dhaka, July 8 -- Oil prices retreated on Tuesday after rising almost 2% in the previous session as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August.

Brent crude futures dipped 22 cents, or 0.3 per cent , at $69.36 a barrel by 0330 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.4 per cent , at $67.66 a barrel, according to Reuters

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

Trump's tariffs have prompted uncer...