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Oil prices edged higher in Asian trading on Wednesday, supported by improved market sentiment following a new U.S.-Japan trade agreement and a surprise draw in U.S. crude stockpiles.
As of 22:07 ET (02:07 GMT), Brent crude futures for September rose 0.4% to $68.84 per barrel, while West Texas Intermediate (WTI) crude gained 0.3% to $65.50 per barrel.
The gains came after three consecutive sessions of losses, which were driven by U.S.-EU trade tensions and investor concerns over President Donald Trump’s upcoming August 1 tariff deadline.
Investor sentiment improved after Trump announced a major trade deal with Japan on Tuesday, which includes a reduced 15% tariff on Japanese imports—down from the initially proposed 25%. The agreement also includes a $550 billion Japanese investment in the U.S. and increased access to Japanese markets for U.S. exports, including autos, agricultural goods, and energy products. Markets interpreted the deal as a potential boost to global trade and oil demand.
Adding to the bullish momentum, the American Petroleum Institute (API) reported an unexpected 577,000-barrel decline in U.S. crude inventories for the week ending July 18, reversing a massive 19.1 million-barrel build from the previous week. The data suggested a possible rebound in fuel consumption during the peak summer driving season.
Gasoline inventories fell by 1.2 million barrels, while distillate stocks—including diesel and heating oil—rose by 3.48 million barrels. Analysts at ING noted this would bring some relief to the tight middle distillates market.
Investors now await official data from the U.S. Energy Information Administration (EIA) for confirmation. Increased fuel demand and easing trade concerns could continue to support oil prices in the near term.
