Oil prices fell slightly on Thursday as the possibility of U.S. tariffs being reinstated raised questions about demand ahead of an expected supply boost by major producers.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) and its allies such as Russia, known as OPEC+ will likely agreed to raise their output by 411,000 barrels per day (bpd) at their meeting this weekend.

The EIA revealed on Tuesday that the United States imported over 30 million barrels of crude oil from OPEC countries in May.