Muscat: Oil prices edged down today after rising to two-week highs in the previous session, as investors awaited new developments on US tariffs amid expectations of rising crude inventories in the United States: Brent crude futures slipped 20 cents, or 0.3%, at $69.95 a barrel. US West Texas Intermediate crude fell 21 cents, or 0.4%, to $68.12 a barrel.
According to Oman News Agency, the recent fluctuations in oil prices highlight the market’s sensitivity to geopolitical events and economic policies, particularly those involving major economies like the United States. The anticipation of further announcements regarding US tariffs is creating uncertainty among investors, leading to cautious trading and slight declines in oil prices.
The market is also closely monitoring the potential rise in crude inventories in the United States, which could further influence oil prices. Analysts suggest that any significant increase in inventories might put additional pressure on prices, as it could indicate a surplus in supply relative to demand.
These developments come at a time when the global oil market is already navigating a complex landscape of supply chain challenges, demand fluctuations, and the ongoing impacts of international trade policies. Investors and analysts alike are keeping a close watch on upcoming announcements and data releases that could offer more clarity on the direction of oil prices in the near future.