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Business / Stock Market

Oil prices rise amid expectations of US inventories decline

Published: 23 Jul 2025 - 04:47 pm | Last Updated: 23 Jul 2025 - 04:49 pm
Peninsula

QNA

Singapore: Oil prices steadied in early trading on Wednesday after falling for three consecutive sessions as a US trade deal with Japan signaled progress on tariffs and a poll showed US crude stockpiles fell last week, indicating stronger demand.

Brent crude futures rose 33 cents, or 0.48%, to $68.92 a barrel.

US West Texas Intermediate (WTI) crude futures rose 33 cents, or 0.51%, to $65.64 per barrel.

Oil had fallen in the previous session after the EU said it was considering countermeasures against US tariffs, as hope faded for a deal ahead of the August 1 deadline.