WASHINGTON (dpa-AFX) - Oil prices fell on Thursday on signs of weak U.S. demand and amid investor caution ahead of the U.S. reciprocal tariff deadline on July 8.
Benchmark Brent crude futures fell 0.7 percent to $68.65 a barrel in European trade while WTI crude futures were down 0.6 percent at $67.05.
Investors fretted about weak demand in the United States after Wednesday's release of U.S. oil inventory data confirmed API's estimate of a build.
Crude inventories rose by 3.8 million barrels to 419 million barrels last week, the Energy Information Administration said, compared with analysts' expectations for a 1.8-million-barrel draw.
Gasoline stocks rose by 4.2 million barrels in the week to 232.1 million barrels, sparking concerns about the much-anticipated peak summer travel consumption in the United States.
Anxiety over looming U.S. tariffs and caution ahead of the all-important U.S. jobs report also weighed on oil prices.
In a setback for U.S. President Trump, South Korea called trade talks with the U.S. 'very difficult', adding the two sides are not really clear on what they want.
President Lee Jae Myung has downplayed expectations of a breakthrough before the U.S. resumes tariffs on multiple countries.
Earlier, Trump cast doubt on reaching a trade deal with Japan after threatening higher tariffs on Japanese exports to the United States.
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