Oil prices edged lower from a two-week high in Asian trading on Wednesday after industry data showed a sharp increase in U.S. crude inventories, while investors remained cautious awaiting more trade tariff announcements by President Donald Trump.
As of 21:44 ET (01:44 GMT), Brent Oil Futures expiring in September fell 0.3% to $69.91 per barrel, while West Texas Intermediate (WTI) crude futures slipped 0.4% to $68.10 per barrel.
Both contracts climbed to a two-week high on Tuesday, driven by supply disruption concerns from fresh Houthi attacks on Red Sea shipping lanes.
A Reuters report on Tuesday stated that four crew members aboard the Liberian-flagged, Greek-operated bulk carrier Eternity C were killed in a drone and speedboat assault off the coast of Yemen.
US crude stocks jumped last week
The American Petroleum Institute (API) on Tuesday reported a sharp, unexpected rise in US crude oil inventories for the week ending July 4, with a build of 7.1 million barrels, far exceeding the forecasted 2.8 million‑barrel draw.
This comes after the previous week saw just a modest 0.68 million‑barrel increase.
Gasoline inventories fell by 2.2 million barrels, while distillate stocks declined by 800,000 barrels.
The latest data pointed to weakening demand and potential oversupply challenges in the US market.
Market watchers now await confirmation from the Energy Information Administration (EIA) report, due later in the day. If EIA mirrors the API trend, it would be the largest increase since January.
Trump to impose 50% tariff on copper imports
President Trump said on Tuesday that he would impose a 50% tariff on imported copper and would soon roll out long-promised duties on semiconductors and pharmaceuticals.
A day earlier, he started sending tariff letters, where he notified 14 countries that sharply higher tariffs would take effect on August 1.
The tariff letters outlined a 25% levy on all goods from Japan and South Korea, while some nations face up to 40% tariffs.
Late Tuesday, Trump wrote on social media, "We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon."
He provided no further details, while investors turned cautious in anticipation of a new wave of tariffs.
Source: Investing.com
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