FX.co ★ WTI Crude Falls for 4th Session

WTI crude oil futures dipped below $65 per barrel on Wednesday, marking the fourth consecutive session of declines as the market anticipated the release of US inventory data. The American Petroleum Institute indicated a minor decrease in crude stockpiles last week, while there was an increase in distillate inventories. Attention was also directed towards trade discussions involving the US and key global partners following President Trump's announcement of agreements with Japan and the Philippines. Treasury Secretary Scott Bessent plans to address the possibility of extending the trade ceasefire with China in Stockholm next week, potentially addressing China's acquisition of oil under sanctions from Russia and Iran. Oil prices continue to face downward pressure due to concerns that the tariff measures imposed by Trump might dampen demand, despite OPEC+'s decision to boost production. With the August 1 tariff deadline looming, analysts remain vigilant for any potential last-minute negotiations with the European Union.