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Oil prices hovered near two-week highs in early Wednesday trading, supported by a U.S.-China tariff truce and a weakening dollar. Brent crude slipped 10 cents to $66.53 per barrel, while U.S. West Texas Intermediate (WTI) dipped 7 cents to $63.60. Both benchmarks had surged over 2.5% the previous day.
The U.S. and China agreed to ease tariffs for 90 days, with the U.S. reducing duties to 30% from 145% and China cutting import taxes to 10% from 125%. This trade pause helped ease market concerns about global demand, pushing oil prices up over $1.60 on Tuesday.
Additionally, the dollar index dropped 0.67% following softer-than-expected U.S. inflation data. A weaker dollar typically boosts oil demand by making it cheaper for foreign buyers.
Rystad Energy analysts noted the tariff rollback has reduced "demand-side pessimism" but warned of potential lingering impacts. U.S. inventory data added further support. According to the American Petroleum Institute, gasoline inventories fell by 1.4 million barrels and distillate stocks dropped 3.7 million barrels, signaling strong fuel consumption. However, crude inventories rose by 4.3 million barrels, contrary to analysts’ expectations of a 1.1 million-barrel draw.
Markets await official figures from the U.S. Energy Information Administration due later today. Meanwhile, President Donald Trump’s Gulf visit is in focus. He announced the lifting of sanctions on Syria and a $600 billion Saudi investment in the U.S. Rystad’s Mukesh Sahdev said Trump aims to stabilize summer oil prices, possibly by expanding U.S. Middle East crude reserves.
Geopolitical risks also persist. The U.S. imposed new sanctions on 20 firms linked to Iran’s oil exports to China amid nuclear talks, raising concerns over future supply disruptions.
