Oil prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions.

On Saturday, the Organization of the Petroleum Exporting Countries and its allies, including Russia, pledged to raise production by 411,000 barrels per day in July.

The U.S. Navy will rename an oil tanker that had been named after slain gay rights activist Harvey Milk, U.S. officials told Reuters on Tuesday, the latest move in the U.S. military under Defense Secretary Pete Hegseth to root out diversity,

Secretary of Defense Pete Hegseth has ordered the secretary of the Navy to rename the oiler ship USNS Harvey Milk, according to a defense official.