WASHINGTON (dpa-AFX) - Oil edged lower on Wednesday after rising more than 1 percent in the previous session following U.S. sanctions on a network of companies and vessels transporting Iranian oil.
The downside remained limited as expectations mounted that an escalation of the conflict between Russia and Ukraine would disrupt supply.
Benchmark Brent crude futures dipped 0.4 percent to $68.89 a barrel in European trading, while WTI crude futures were down 0.4 percent at $65.30.
Investors grappled with rising bond yields and renewed trade uncertainty as U.S. President Donald Trump's bid to fire Fed Governor Lisa Cook raised alarms over central bank independence and a court ruling challenged Trump-era tariffs.
Meanwhile, the U.S. government has revoked a key waiver for Taiwan Semiconductor Manufacturing Co. (TSMC) to freely ship essential gear to its main Chinese chipmaking base, marking a significant escalation in efforts to curb China's access to advanced chipmaking technology.
The move, which follows similar actions against Samsung and SK Hynix, has heightened geopolitical risks and supply chain shifts.
Amid fears of slowing trade and weaker global demand, traders now await the American Petroleum Institute (API) weekly crude oil stock report later in the day for direction.
The upcoming OPEC+ meeting on Sunday also remains on investors' radar, with analysts expecting the group will not unwind remaining voluntary cuts.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
