Oil edged higher as President Donald Trump said his maximum pressure campaign on Iranian oil will continue, while a government report showed another large decline in American crude stockpiles.
West Texas Intermediate futures rose above $65 a barrel after climbing 0.9% in the previous session. Brent closed near $68. Trump said he’s “not giving up” on the strategy targeting Tehran’s petrodollars, after his comments that appeared to undermine the plan. The president also flagged talks with Iran next week.
Oil capped the biggest two-day decline since 2022 at the start of the week after Israel and Iran agreed to a truce, easing concerns over potential disruptions to energy supplies from the Middle East. Trump said the conflict was effectively “over” following the US bombing of Iranian nuclear sites.
US government data, meanwhile, showed crude inventories dropped for the fifth straight week, shrinking by 5.84 million barrels to an 11-year seasonal low. Stockpiles at the storage hub at Cushing, Oklahoma, also declined, slipping for a third week to the lowest level since February.
The market will now likely switch its attention to an upcoming OPEC+ meeting on July 6 that will decide on production policy for August. Russia is open to another output hike if the alliance deems an increase to be necessary, according to a person familiar with the matter.
Prices:
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WTI for August delivery rose 0.4% to $65.17 a barrel at 7:39 a.m. in Singapore.
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Brent for August settlement closed 0.8% higher at $67.68 a barrel on Wednesday.
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