West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $72.60 during the late American session on Wednesday. The WTI price edges lower after US crude stockpiles rose more than expected last week.
US crude inventories rose last week. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the United States for the week ending January 24 increased by 3.463 million barrels, compared to a decline of 1.017 million barrels in the previous week. The market consensus estimated that stocks would rise by 3.7 million barrels.
The White House said later Tuesday that US President Donald Trump's plan to impose 25% tariffs on imports from Canada and Mexico from February 1. The Trump tariff threats may disrupt the flow of crude supplies, which weigh on the black gold in the near term.
"While we expect prices to stay supported at current levels, news flow related to Trump is likely to drive volatility in the near term," said UBS analyst Giovanni Staunovo.
Source: FXStreet
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