Brent crude oil futures fell toward $68 per barrel on Wednesday, marking a third straight day of losses.
The drop was driven by renewed concerns over a potential supply glut and the impact of US trade tariffs on global economic growth and fuel demand.
A weekly EIA report showed a 3.86 million barrel decline in overall US crude inventories, but a rise in stockpiles at the Cushing, Oklahoma hub to the highest since June.
Meanwhile, US distillate demand edged lower, even as inventories for that fuel category, which includes diesel, hit their lowest seasonal level since 1996.
Traders remain wary of oversupply risks as OPEC+ accelerates the return of previously curtailed output and production across the Americas continues to grow.
At the same time, demand growth appears to be cooling globally, and concerns persist that President Trump’s escalating tariffs on major trade partners could further dampen economic activity and oil consumption.