FX.co ★ WTI Crude Oil Falls for 4th Session

WTI crude oil futures dipped below $65 per barrel on Wednesday, marking the fourth consecutive day of declines amidst investors' focus on U.S. trade discussions. President Trump has announced agreements with Japan and the Philippines; however, the European Union is gearing up to impose a 30% tariff on U.S. goods if negotiations falter. Treasury Secretary Scott Bessent is set to meet Chinese officials in Stockholm next week to discuss the potential extension of the trade truce, which may also include China's acquisition of sanctioned oil from Russia and Iran. Concurrently, U.S. government data revealed a decline in crude inventories by 3.17 million barrels last week, surpassing expectations. Gasoline stocks decreased by 1.74 million barrels, while distillate stocks climbed by 2.93 million. Despite the larger-than-anticipated inventory decline, oil prices remain under pressure due to ongoing tariff tensions, which raise concerns about potential weakening of global demand, even as OPEC+ intensifies production.