Brent crude oil futures traded near $71 per barrel as rising US crude inventories and economic concerns weighed on prices, despite geopolitical tensions.
The latest EIA report showed a larger-than-expected 1.75 million barrel increase in nationwide stockpiles, though inventories at Cushing, Oklahoma, declined, and fuel reserves fell.
Investors are closely watching the Federal Reserve’s policy decision and Jerome Powell’s comments, as well as escalating trade tensions under President Trump.
Meanwhile, OPEC and its allies plan to increase production next month, adding to supply-side pressure.
At the same time, Putin rejected a Ukraine ceasefire but agreed to a U.S.-backed proposal for Moscow and Kyiv to temporarily halt strikes on each other’s energy infrastructure, a move that could pave the way for Russian oil to reenter global markets.