Oil Prices Drop On Surprise U.S. Supply Rise

Oil prices took a dip on Thursday morning in Asia due to a surprise surge in inventories in the US, paired with expectations that other markets may decide to increase output next month.

Crude Oil WTI Futures for July delivery were trading at $68.16 a barrel at 11:00PM ET (03:00 GMT), down 0.07%. Brent crude futures for August delivery, traded in London, were down 0.21% at $77.56 per barrel.

US crude inventories rose by 1 million barrels in the week to May 25 to 434.9 million barrels, according to data released by the American Petroleum Institute.

U.S. crude production has risen relentlessly by more than a quarter in the last two years, to 10.73 million bpd, inching ever closer to top producer Russia’s output of around 11 million bpd.

U.S. to slap tariffs soon on steel, aluminum from EU: sources

The United States will announce plans to impose tariffs on steel and aluminum from the European Union as early as Thursday morning, two people briefed on the matter said, confirming a report in the Wall Street Journal.

The decision would land ahead of a Friday expiration deadline for exemptions to the planned metals tariffs amid stalled trade talks with the EU and would likely prompt retaliation from the bloc.

The two sources said an announcement was planned for Thursday morning in Washington but that the timing could still change.

The U.S. Commerce Department and U.S. Trade Representative’s Office did not immediately respond to requests for comment.

Oil prices dip on unexpected growth in U.S. crude stocks

Oil prices dropped on Thursday, weighed down by a surprise rise in U.S. crude inventories and by expectations that OPEC and other producers could increase output at a meeting in June.

Brent crude was down 20 cents at $77.30 per barrel at 0041 GMT, after settling the last session up 2.8 percent.

U.S. West Texas Intermediate crude was down 20 cents at $68.01 a barrel. In the previous session, it settled up $1.48, or 2.2 percent, at $68.21 per barrel.

U.S. crude inventories rose by 1 million barrels in the week to May 25 to 434.9 million barrels, according to data from industry group the American Petroleum Institute, although analysts had expected a decrease of 525,000 barrels.

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