- Brent crude rose to $68.88 a barrel after a three-day decline
- US President Trump announced a 19% tariff deal with the Philippines
- US Treasury Secretary to meet China in Stockholm for trade talks
Oil edged higher as investors monitored progress on tariff talks between the US and its key trade partners.
Brent rose toward $69 a barrel after a three-day decline, while West Texas Intermediate was near $66 a barrel. President Donald Trump unveiled an agreement with the Philippines setting a 19% tariff and a deal with Japan that sets a 15% rate, fueling a rally in Asian shares and US stock futures.
US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts for trade talks in Stockholm next week, and will “be working out what is likely an extension” to the current Aug. 12 deadline for negotiations. He also said that the discussions with China can now take on a broader array of topics, potentially including Beijing's continued purchases of “sanctioned” oil from Russia and Iran.
Crude has traded in a relatively narrow range this month after a volatile June, when prices were jolted by the conflict between Israel and Iran. Brent is still down about 8% this year on concerns Trump's tariff war will stifle consumption and as OPEC+ brings back production.
In the US, meanwhile, the American Petroleum Institute said nationwide crude inventories fell slightly last week, while distillate stockpiles rose. Official data is due later on Wednesday.
Prices:
Brent for September settlement rose 0.4% to $68.88 a barrel at 8:28 a.m. in Singapore
WTI for September delivery added 0.4% to $65.60 a barrel
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