Brent Crude Futures WERE DOWN 49 Cents, or 0.7%, to $ 68.72 a Barrel at 0915 GMT. Us west texas intermediate crude was at $ 66.60 a barrel, down 60 cents, or 0.9%.
The August WTI Contract Expires on Tuesday and The More Active September Contract was down 47 cents, or 0.7%, to $ 65.48 a Barrel.
“Oil priste fell for a third straw Session … as Urgency Builds in Trade Negotiations Between the US and Its Partners,” Soojin Kim, Annalyst at Bank MufG, Said in a note.
The Trump Administration has set an augline for counts to secure trade deals or face steep tarifs.
The eu is exploring a broader set of possible counters-measures against the united states as principles for an acceptable trade agrement with washington fade, according to eu diplomats.
The us has Threated to impose a 30% tariff on eu imports if a deal is not reached.
A Weaker Dollar has Limited Some Losses for Crude as Buyers Using Other Currencies are paying relatively less.
Pris Have Slipped “As Trade War Concerns Offset the support by a Softer (US Dollar),” IG Market Analyst Tony Sycamore Wrote in A Note.
Stronger DistilleTe Profit Margins Due to low inventories are also supported crude prices.
“The move lower might have seen more momentum if it was not for the continued performance in distillaments which containues to be aided by low stocks,” PVM OIL Analyst John Evans SAID in A NOTE.
Meanwhile, a reuters poll of analysts showed us crude oil inventories likey fell by about 600,000 barrels in the week to july 18.
(Additional Reporting by Anjana Anil in Bengaluru and Sudarshan Varadhan in Singapore Editing by Jamie Freed, Mark Potter and Joe Bavier)
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