WTI Crude well supported as EU-US trade deal in focus, US crude inventory data eyed as well

WTI Crude oil futures held around a two-week high near $69 per barrel yesterday as markets eyed renewed trade tensions. The US unveiled a fresh wave of tariff threats, including a 25% levy on imports from key trading partners like Japan and South Korea, effective August 1. The US EIA projects global inventory builds will weigh on prices but that is seemingly not having an impact on prices right now. EU is waiting for an announcement on the EU-US deal soon with ambassadors meeting again this afternoon. European stocks edged up too, keeping oil supported after latest rally. Oil market is also waiting for weekly US crude inventories data.

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