Oil steadied as traders weighed a large increase in US crude stockpiles and a wave of new tariff rates from President Donald Trump.West Texas Intermediate held above $68 a barrel after closing little changed on Wednesday. Brent settled near $70. US inventories climbed by about 7.1 million barrels last week, the biggest build since January, according to government data. Stockpiles at the Cushing storage hub also expanded.
The market continues to monitor a flurry of tariff demand letters being issued by Trump, with Brazil the latest to be slapped with high levies, following threats on copper imports and other countries. The president’s trade regime and vows of retaliation by targeted nations has rattled global markets.
Oil is still marginally higher this week, despite a decision by OPEC+ on Saturday to raise output more than expected in August. The group is betting on robust summer demand to help absorb the extra barrels, but there are concerns the market is facing a glut later in the year as peak consumption declines.
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