Asian Markets Rise as Oil Prices Dip on OPEC+ Output Fears

Asian stock markets edged higher on Tuesday as investors weighed global economic signals and adjusted their outlooks amid shifting energy and trade dynamics. Meanwhile, crude oil prices retreated due to renewed concerns over a possible increase in production by OPEC+.

Brent crude futures slipped by 0.2% to $66.60 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 0.3% to $64.90. The declines followed speculation that OPEC+ may raise oil output by approximately 411,000 barrels per day in August—marking the fourth straight monthly increase.

Analysts say the market is reacting cautiously to both oversupply concerns and subdued global demand, as the potential hike adds pressure on already volatile energy prices.

Investors are also keeping a close watch on a July 9 deadline tied to potential new U.S. tariffs. The proposed hike could raise duties on several imported goods to as much as 50%, raising fears of renewed global trade tensions.

Despite these pressures, Asian equities showed resilience. Markets in Tokyo, Hong Kong, and Seoul saw modest gains, driven by mild risk appetite and optimism about near-term earnings from regional firms.