WASHINGTON (dpa-AFX) - Oil prices were slightly lower on Wednesday after gaining for two days amid escalating geopolitical tensions, stuttering U.S.-Iran nuclear talks and wildfires in Canada's energy heartland of Alberta.
Benchmark Brent crude futures slipped 0.3 percent to $65.44 a barrel in European trade while WTI crude futures were down 0.3 percent at $63.24.
Supply concerns eased somewhat as rains slowed the growth of some blazes that had disrupted Canadian crude production.
According to Bloomberg, one Canadian operator restarted a site after shutting down last week.
Meanwhile, data from the American Petroleum Institute proved to be a mixed bag, with oil stocks falling again last week, while fuel inventories gained.
Crude stocks fell by 3.3 million barrels in the week ended May 30. Gasoline inventories were up 4.7 million barrels during the week while distillate inventories rose by 760,000 barrels.
Traders also monitored the latest tariff headlines ahead of a deadline for U.S. trading partners to make their 'best offers'.
U.S. President Donald Trump today described Chinese President Xi Jinping as 'extremely hard' to strike a deal with, even as the White House reiterated that the two leaders will talk 'very soon.'
The Trump administration is actively monitoring China's compliance with the Geneva trade agreement, White House Press Secretary Karoline Leavitt said.
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