Oil Prices Rise, Investors Monitor Progress in US Trade Talks
World oil prices rose in early trading on Wednesday, boosted by hopes of progress in trade negotiations between the United States and its major partners. West Texas Intermediate (WTI) crude for September delivery rose to near $66 per barrel, after a three-day decline. Meanwhile, Brent closed just below $69 per barrel on Tuesday.
US President Donald Trump announced the conclusion of two new tariff agreements, one with the Philippines (19%) and one with Japan (15%). This statement bolstered market optimism that the US would be able to avoid a major trade war, which had previously depressed global oil prices.
US Treasury Secretary Scott Bessent also announced that he would meet with Chinese officials next week in Stockholm to discuss extending the trade negotiation deadline currently set for August 12. He added that the discussions could expand to include China's oil purchases from Russia and Iran—two countries currently subject to US sanctions.
However, oil price movements have remained relatively limited this month. Uncertainty surrounding demand due to global recession concerns and the return of OPEC+ production has kept investors cautious. Meanwhile, data from industry bodies showed a slight decline in US oil inventories last week, and the market now awaits the official report due later Wednesday.
Source: Newsmaker.id
