Oil prices edged down on Wednesday after rising to two-week highs in the previous session, as investors awaited new developments on U.S. tariffs amid expectations of rising crude inventories in the United States.
Brent crude futures slipped 7 cents, or 0.1%, at $70.08 a barrel by 0400 GMT. U.S. West Texas Intermediate crude fell 8 cents, or 0.1%, to $68.25 a barrel.
U.S. President Donald Trump’s latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, while bewildering some smaller exporters such as South Africa and leaving companies with no clarity on the path forward.
Trump pushed back Wednesday’s previous deadline to August 1, a date he said on Tuesday was final, declaring: “No extensions will be granted.”
Trump added that he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening a trade war that has rattled markets worldwide.
