Oil Futures See a Slight Decline Ahead of Key US Inventories Data

As the Energy Information Administration (EIA) prepares to release its latest report on US oil inventories, oil futures experienced a downturn on Wednesday. This movement reflects growing concerns over potential oversupply, fueled by OPEC+'s plans to increase production and the looming impact of US President Donald Trump's trade tariffs on the global economy.

Market Reactions and Price Movements

At 10:01 am ET, West Texas Intermediate (WTI) for August delivery saw a decrease of 1.11%, trading at $65.69 per barrel. Similarly, Brent crude for September delivery fell by 1.05% to $67.96 per barrel, indicating a cautious market stance ahead of the EIA's findings.