WTI crude oil futures fell to $69.5 per barrel on Thursday, retreating from six-week highs after a three-day rally, as traders assessed both geopolitical risks and US inventory data. Investors are cautious amid uncertainty around President Trump’s latest push for a swift end to the war in Ukraine, threatening 100% secondary tariffs on Russia’s trading partners within 10–12 days unless progress is made.
The lack of clarity and Trump’s record of policy reversals have made markets hesitant to fully price in these risks. The US also warned China of steep tariffs if it continues purchases. Adding pressure, US crude inventories unexpectedly rose by 7.7 million barrels last week due to weaker exports, sharply contrasting with expectations for a draw. Meanwhile, gasoline stocks dropped by 2.7 million barrels, far more than forecast, indicating robust demand during the summer driving season and offsetting some of the bearish sentiment from the crude build.
