International oil prices continued to fall on Wednesday, marking the third consecutive day of declines since Monday.
The drop in prices was fueled by reports of increased gasoline inventories in the United States, as well as ongoing trade tensions. These factors have sparked concerns about a potential slowdown in global economic growth, which could lead to reduced oil demand.
U.S. President Donald Trump’s trade war is ongoing.
In response to Trump’s announcement of a 30% tariff on European Union (EU) products starting August 1, the EU has threatened retaliatory tariffs on 72 billion EUR (about 83.42 billion USD) worth of American goods.
Trump’s decision not to impose sanctions on Russian oil exports has also eased worries about potential oil supply constraints, contributing to the downward pressure on prices.
Trump has given Russia a 50-day negotiation deadline, urging a ceasefire with Ukraine.
As concerns about supply reduction subside and fears of a demand slowdown due to the trade conflicts intensify, oil prices have fallen for a third consecutive day.
Brent crude, the international oil price benchmark, closed at 68.52 USD per barrel for September delivery, down 0.19 USD (0.28%) from the previous session.
The U.S. benchmark, West Texas Intermediate (WTI), saw its August contract drop 0.14 USD (0.21%) to close at 66.38 USD per barrel.
