Oil prices stabilise after US-Japan trade deal
How did your country report this? Share your view in the comments.
Diverging Reports Breakdown
Oil prices little changed after US-Japan trade deal
Brent crude futures were down 12 cents, or 0.2%, at $68.47 a barrel as of 0907 GMT. U.S. West Texas Intermediate (WTI) crude futures down 14 cents, at $65.17 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U. s. tariffs. U.-S. President Donald Trump said on Tuesday that the U. S. and Japan had struck a trade deal that included a 15% tariff on U.s. imports from Japan. The EU agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Summary US-Japan trade deal puts the brakes on oil’s three-day slide
Market cautious ahead of EU-China summit
Crude, gasoline stocks fall but distillate builds -API data
LONDON, July 23 (Reuters) – Oil prices were steady on Wednesday after falling for three consecutive sessions as a U.S. tariff deal , opens new tab with Japan improved global trade sentiment.
Brent crude futures were down 12 cents, or 0.2%, at $68.47 a barrel as of 0907 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $65.17 per barrel.
Sign up here.
Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs, as hope faded for a deal ahead of an August 1 deadline.
U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that included a 15% tariff on U.S. imports from Japan.
“The slide (in prices) of the past three sessions appears to have abated but I don’t expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
China’s commerce minister and the European Union’s trade chief had a “candid and in-depth” discussion on economic and trade cooperation as well as other issues that both sides face ahead of the summit, the Chinese ministry said on Wednesday.
Separately, U.S. crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added.
“This will offer some relief to the middle distillate market, which has been looking increasingly tight,” ING analysts wrote in a note, adding that low crude inventories will offer some support to prices even as a large surplus is expected to hit the market later in the year.
In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine
The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Reporting by Enes Tunagur ın London, Mohi Narayan in New Delhi, additional reporting by Colleen Howe in Beijing; Editing by Edwina Gibbs and Bernadette Baum
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
Oil prices little changed after US-Japan trade deal
Brent crude futures were down 12 cents, or 0.2%, at $68.47 a barrel as of 0907 GMT. U.S. West Texas Intermediate (WTI) crude futures down 14 cents, at $65.17 per barrel. Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U. s. tariffs. U.-S. President Donald Trump said on Tuesday that the U. S. and Japan had struck a trade deal that included a 15% tariff on U.s. imports from Japan. The EU agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Summary US-Japan trade deal puts the brakes on oil’s three-day slide
Market cautious ahead of EU-China summit
Crude, gasoline stocks fall but distillate builds -API data
LONDON, July 23 (Reuters) – Oil prices were steady on Wednesday after falling for three consecutive sessions as a U.S. tariff deal , opens new tab with Japan improved global trade sentiment.
Brent crude futures were down 12 cents, or 0.2%, at $68.47 a barrel as of 0907 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $65.17 per barrel.
Sign up here.
Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs, as hope faded for a deal ahead of an August 1 deadline.
U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that included a 15% tariff on U.S. imports from Japan.
“The slide (in prices) of the past three sessions appears to have abated but I don’t expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
China’s commerce minister and the European Union’s trade chief had a “candid and in-depth” discussion on economic and trade cooperation as well as other issues that both sides face ahead of the summit, the Chinese ministry said on Wednesday.
Separately, U.S. crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added.
“This will offer some relief to the middle distillate market, which has been looking increasingly tight,” ING analysts wrote in a note, adding that low crude inventories will offer some support to prices even as a large surplus is expected to hit the market later in the year.
In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine
The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Reporting by Enes Tunagur ın London, Mohi Narayan in New Delhi, additional reporting by Colleen Howe in Beijing; Editing by Edwina Gibbs and Bernadette Baum
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
Source: https://www.reuters.com/business/energy/oil-prices-stabilise-after-us-japan-trade-deal-2025-07-23/