Oil prices edged higher in early Asian trade on Wednesday following three consecutive days of decline, supported by signs of progress in U.S. trade negotiations with Japan.
Brent crude futures climbed 21 cents, or 0.31%, to $68.80 per barrel as of 03:51 GMT, while U.S. West Texas Intermediate (WTI) crude gained 17 cents, or 0.26%, reaching $65.48 per barrel.
The modest rebound came after U.S. President Donald Trump announced a trade deal with Japan, which includes a 15% tariff on certain Japanese imports and a commitment from Tokyo to invest $550 billion in the U.S. economy.
The agreement helped soothe market nerves following a 1% dip in both benchmarks on Tuesday, sparked by fears that the European Union may retaliate against existing U.S. tariffs, dimming prospects for a breakthrough at Thursday’s EU-China summit.
Market analysts remain cautious, noting that investor confidence is still fragile due to escalating global trade tensions and limited expectations for progress in talks between the EU and China.
