U.S. stock-market futures declined as the Trump administration said a broad swath of tariffs against U.S. trade partners won’t take effect until Aug. 1, rather than July 9.

OPEC+ attributed the production hike to steady global economic conditions and strong market fundamentals, pointing to low inventory levels as justification for the move.

Crude oil prices declined after OPEC agreed to raise production by 548,000 barrels per day in August. Oil prices also came under pressure as US officials flagged a delay on tariffs but failed to provide details on the change.