West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.15 during the early Asian trading hours on Thursday. The WTI price loses ground amid concerns over weakening demand following a surprise increase in US crude inventories.
US crude oil inventories rose last week for a second consecutive build, the biggest rise since January. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the US for the week ending July 4 rose by 7.070 million barrels, compared to an increase of 3.835 million barrels in the previous week. The market consensus estimated that stocks would decrease by 2 million barrels.
Additionally, uncertainties surrounding the potential impact of US tariffs on major trading partners might contribute to the WTI's downside.
US President Donald Trump unveiled a new round of tariff demand letters on Wednesday. Also, his announcement of a 50% tariff on copper imports and plans to impose new tariffs on semiconductors further deepened existing market risks.
Source: FXStreet
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