This one has me stumped! Just installed new fiberglass reinforced X and Y belts with tensioners, circular prints are oblong in an angle between x and y axis on the bed. Square parts come out fine.

"The printer is not a guitar, and a belt is not a string. "© Try to loosen the straps somewhat.

This can be caused by the linear bearings not moving freely along the rods. Make sure that you can move the print head and bed freely without the belts hooked up. I have seen this same problem caused by the bed leveling screws getting out of wack and warping the bed, causing the linear bearings to bind. Loosening the bed leveling screws and re-leveling the bed almost always fixes the issue for me.

Thanks for your help everyone! Bcoppernoll was the closest- one of the factory bearings was bad. I replaced the bearings with Drylin and it is now working great!

Glad to hear you solved the issue!