Oil prices edged lower during Asian trading on Wednesday as U.S. crude inventories unexpectedly rose by 7.1 million barrels, raising concerns over a potential supply glut and weighing on sentiment.
Brent crude slipped 0.3% to $69.91 per barrel, while WTI fell 0.4% to $68.10.
Earlier gains fueled by Houthi attacks on Red Sea shipping, including a deadly strike on the “Ever C” vessel, have faded. While gasoline and distillate stockpiles declined, traders are now awaiting official EIA data for confirmation of broader supply-demand trends.
Adding to bearish pressure, former U.S. President Donald Trump announced a 50% tariff on imported copper, while signaling the possibility of additional tariffs on semiconductors and pharmaceuticals. Fourteen countries have reportedly received notices of the new measures, raising fresh concerns over global trade tensions.
With inventory data and trade headlines in focus, oil markets remain volatile ahead of key OPEC+ decisions and further policy announcements.