Crude oil prices fell for the fourth consecutive session at the start of European trading today, Wednesday, July 23, after absorbing the trade agreement between Japan and the United States, amid anticipation of official inventory figures from the US Energy Information Administration. US crude (NYMEX) fell by approximately 0.78%, trading at $64.80 per barrel, while Brent crude traded at $68.10 per barrel, down approximately 0.71%.
US President Donald Trump stated on his Truth Social account that an agreement had been reached with Japan, and that we had concluded what may be the largest deal ever, noting that the agreement includes a 15% tariff on goods imported from Japan, including cars, and that Japan will invest $550 billion in the United States. The American Petroleum Institute’s report released Tuesday showed a 577,000-barrel decline in inventories in the week ending July 18. Gasoline inventories fell by about 1.29 million barrels, while distillate inventories, which include heating oil and diesel, rose by about 3.48 million barrels. Markets are awaiting the U.S. Energy Information Administration’s report on Wednesday, which is expected to show a decline of about 1.4 million barrels.