Brent crude oil futures edged lower to around $65 per barrel on Wednesday, trimming gains from the previous session as markets weighed OPEC+ plans to increase output and growing economic concerns linked to tariffs.
On Tuesday, the OECD lowered its global growth outlook, citing mounting pressure on the US economy from escalating trade tensions. Limiting further losses, industry data showed a larger-than-expected drop in US crude inventories, with stockpiles falling by 3.3 million barrels last week well above the forecasted 0.9 million-barrel decline.
Geopolitical risks also supported prices, with concerns over potential supply disruptions from the ongoing Russia-Ukraine conflict, while an Iranian diplomat indicated Tehran would likely reject a US proposal to resolve the nuclear dispute.
Adding to supply-side pressures, widespread wildfires in Canada since early May have forced evacuations and disrupted crude production.
Source: Trading Economi
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