Quick overview

---

Oil prices rebounded, ending a three-day decline, as investors stayed cautious ahead of potential new US tariff announcements. US data showed a sharper-than-expected drop in crude inventories, signaling tight supply.

Brent Oil Futures expiring in September increased to $69 per barrel while West Texas Intermediate (WTI) crude futures rose 0.8 percent to $67 per barrel . Oil had fallen as much as 4% in the first three days of this week after US President Donald Trump gave Russia a 50-day window to end the war in Ukraine, rather than taking immediate action.

The US Energy Information Administration (EIA) reported Wednesday that for the week ending July 11, 2025, US crude oil inventories declined by 3.9 million barrels to 422.2 million barrels. This larger-than-expected drawdown, with an 11.8 million barrel forecast by analysts, indicates tightening market conditions.

Refinery utilization rates remained high at approximately 93.9% of operable capacity. Gasoline and distillate fuel inventories increased by 3 and 4 million barrels, respectively, despite the crude draw. Oil prices were supported by a tighter domestic crude supply balance driven by strong refinery throughput and rising imports.

Global efforts to avoid higher import duties were triggered by President Trump’s announcement on Wednesday that he will notify over 150 countries of new tariff rates as part of his ongoing trade agenda.

He told reporters at the White House that all of these countries, most of which are small nations with modest trade volumes, would be subject to the same tariffs. This follows Trump’s threat to impose a 30 percent tariff on EU imports starting August 1.

European officials say this is unacceptable and would hinder normal trade between two of the world’s largest markets. Reports indicate that the European Commission was preparing to target US goods worth €72 billion ($84.01 billion) for potential tariffs if negotiations with Washington to reach a trade agreement fail. Despite concerns over U.S.-China trade tensions, investors remained cautious, worried that Trump’s tariff measures might reduce demand for oil and slow overall economic growth.