Oil prices rose in early trading on Wednesday after a three-session decline, following the announcement of a trade agreement between the United States and Japan, along with expectations of a drop in U.S. crude inventories last week, indicating increased demand.
Brent crude futures climbed by 33 cents, or 0.48%, reaching $68.92 per barrel. Meanwhile, West Texas Intermediate (WTI) futures also increased by 33 cents, or 0.51%, to settle at $65.64 per barrel.
U.S. President Donald Trump announced on Tuesday that the United States and Japan had reached a trade agreement that includes a 15% tariff on U.S. imports from Japan, adding that Japan has agreed to invest $550 billion in the United States.
In a related context, market sources, citing data from the American Petroleum Institute, reported that crude and gasoline inventories in the United States fell last week, while distillate stocks increased.
