Oil Stable, Market Eyes Surge in US Stockpiles and Trump's Tariff Pressure
World oil prices were recorded as stable on Wednesday (July 9, 2025) after an industry report showed a significant increase in US crude oil stocks, as well as increasing uncertainty due to President Donald Trump's tariff policy. Brent oil prices remained around $70 per barrel, while West Texas Intermediate (WTI) was trading near $68. According to data from the American Petroleum Institute (API), US oil stocks rose by 7.1 million barrels last week, which if confirmed by official government reports, would be the largest increase since January.
Investors are currently waiting for the continued impact of the US trade agenda, where Trump emphasized that he would not grant an extension to the country-specific tariffs that will take effect in early August. In addition, he also indicated that he would impose new tariffs on copper imports, adding to concerns about a slowdown in global demand. Market sentiment remains cautious because this policy has the potential to reduce economic activity and energy consumption.
Although geopolitical conflicts such as tensions between Israel and Iran have triggered volatility, the temporary ceasefire that is currently taking place has shifted market attention back to fundamental issues such as global supply and demand. The OPEC+ organization is still maintaining its production policy, while in the US, volatile oil prices are starting to take their toll on drilling activity, with output growth cut and rig counts dropping to a four-year low.
At 8:39 a.m. Singapore time, Brent for September delivery fell 0.2% to $69.99 a barrel, while WTI for August delivery fell 0.3% to $68.14 a barrel. With stockpiles rising and tariff threats continuing to loom, energy markets are expected to remain volatile, awaiting clearer signals from official US government data and the direction of global trade policy.
Source: (ayu-newsmaker)
