Oil Falls for 4th Session
Brent crude oil futures fell toward $68 per barrel on Wednesday, marking a fourth straight day of losses as investors focused on US trade talks.
While President Trump announced deals with Japan and the Philippines, the EU is preparing to impose 30% tariffs on US goods if no agreement is reached.
Treasury Secretary Scott Bessent said he will meet with Chinese officials in Stockholm next week to discuss extending the trade truce, possibly including China's purchases of sanctioned oil from Russia and Iran.
Meanwhile, US government data showed crude inventories fell by 3.17 million barrels last week, more than expected.
Gasoline stocks declined by 1.74 million barrels, while distillate stocks rose by 2.93 million.
Despite the larger-than-expected inventory drop, oil prices remain pressured by concerns that ongoing tariff tensions could weaken global demand, even as OPEC+ ramps up production.
Source: Trading Economics