Oil prices edge lower with trade talks in focus
Oil prices fell for the fourth consecutive session on Wednesday, as investors assessed trade developments including a U.S. tariff deal, opens new tab with Japan ahead of a U.S. stocks data announcement.
Brent crude futures were down 50 cents, or 0.7%, at $68.09 a barrel as of 1119 GMT. U.S. West Texas Intermediate crude futures were down 47 cents, or 0.7%, at $64.84 per barrel.
Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs.
U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that included a 15% tariff on U.S. imports from Japan.
The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while the Commission's primary focus is to achieve a negotiated outcome with the United States to avert 30% U.S. tariffs.
Investors are awaiting U.S. oil inventory data from the Energy Information Administration later on Wednesday.
In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine.
The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Source : Reuters
