Oil Steadies After Drop With US Trade Talk Progress in Spotlight
Oil steadied as investors monitored progress on tariff talks between the US and key trade partners.
Brent crude traded below $69 a barrel after a three-day decline. President Donald Trump unveiled deals with Japan and the Philippines, fueling a rally in Asian shares and US stock futures.
US Treasury Secretary Scott Bessent said he’ll discuss a potential extension of the trade truce with China during talks in Stockholm next week. The discussions can now take on a broader array of topics, potentially including Beijing’s continued purchases of “sanctioned” oil from Russia and Iran, he said.
Crude has traded in a relatively narrow range this month after a volatile June, when prices were jolted by the conflict between Israel and Iran. Brent is still down about 8% this year on concerns Trump’s tariff war will stifle consumption as OPEC+ brings back production.
“We are racing towards the Aug. 1 deadline for reciprocal US tariffs,” said Harry Tchilinguirian, group head of research at Onyx Capital Group. “Japan deal done, now it is a question of if they pull a rapid deal out of the bag for the EU.”
In the US, meanwhile, the American Petroleum Institute said nationwide crude inventories fell slightly last week, while distillate stockpiles rose. Official data is due later on Wednesday.
Brent for September settlement was little changed at $68.46 a barrel at 10:12 a.m. in London.
West Texas Intermediate for September delivery was steady at $65.18 a barrel.
Source : Reuters
