Big Japan Trade Deal Barely Moves Oil Prices
Petroleum prices were steady on Wednesday after falling for three consecutive sessions as a U.S. tariff deal with Japan improved global trade sentiment.
Brent crude futures were down 12 cents, or 0.2%, at $68.47 U.S. a barrel. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $65.17 per barrel.
Both benchmarks lost about 1% in the previous session after the European Union said it was considering countermeasures against U.S. tariffs, as hope faded for a deal ahead of an August 1 deadline.
U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that included a 15% tariff on U.S. imports from Japan.
Separately, U.S. crude and gasoline stocks fell last week, market sources said, adding that distillate stocks rose by 3.48 million barrels.
