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West Texas Intermediate (WTI) crude oil price remains in negative territory for the third consecutive session, trading around $72.20 per barrel during Asian hours on Wednesday. Crude Oil prices may decline further amid growing concerns over the US-China trade war. China’s Commerce Ministry announced a 15% tariff on US coal and liquefied natural gas (LNG) imports, along with an additional 10% tariff on crude oil, farm equipment, and certain automobiles.Crude Oil prices fluctuated widely on Tuesday, with WTI dropping by as much as 3%—its lowest since December 31—after China retaliated against the new 10% US tariff. However, Oil prices rebounded as supply risks appear linked to US President Donald Trump’s intensified economic pressure on Iran.On Tuesday, Trump reinstated his “maximum pressure” campaign to curb Iran’s nuclear program by aiming to cut the country’s Oil exports to zero and limit its regional influence. The move could impact around 1.5 million barrels per day of Iranian Oil exports.The American Petroleum Institute (API) reported a significant rise in US crude Oil inventories, with stocks increasing by 5.025 million barrels for the week ending January 31, following a 2.86 million barrel builds the previous week. This marked the third straight week of inventory growth, exceeding expectations of a 3.17 million barrel build.On Monday, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) reaffirmed plans to gradually increase oil production from April and removed the US Energy Information Administration (EIA) from its list of monitoring sources.More By This Author:Australian Dollar Edges Lower Amid Rising Fears Over US-China Trade War GBP/JPY Rebounds To Near 193.00 As US Dollar Extends Losses GBP/JPY Trades Around 191.50 After Recovering Recent Losses
