Oil prices inched higher as investors watched developments in US trade negotiations. Brent crude climbed toward $69 a barrel, while WTI hovered near $66. The uptick followed new US tariff deals with the Philippines (19%) and Japan (15%), boosting Asian stocks and US futures.
US Treasury Secretary Scott Bessent said talks with China could extend beyond the August 12 deadline and may now cover broader issues, including China’s purchases of Russian and Iranian oil.
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Despite a calmer July after June’s volatility, Brent remains down 8% this year due to demand concerns and OPEC+ supply increases. Analysts expect further pressure as markets weigh trade uncertainties.
Meanwhile, Brent’s market structure weakened slightly, and US crude inventories dipped last week, with official data due later Wednesday.
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