Crude oil prices remained steady on July 10 as traders assessed the impact of rising US crude inventories and recent tariff actions by US President Donald Trump. Brent hovered near USD 70, while WTI traded around USD 68, amid geopolitical tensions and uncertainty over global demand.
Crude oil prices remained largely flat on Thursday, July 10, as traders assessed the impact of rising US inventories and escalating global trade tensions driven by new tariffs imposed by President Donald Trump.
According to data from the U.S. Energy Information Administration (EIA), US crude oil inventories increased by approximately 7.1 million barrels last week, marking the largest weekly build since January. Stockpiles at the key Cushing, Oklahoma storage hub also rose for the first time since May.
Brent crude held near USD 70, while West Texas Intermediate (WTI) hovered around USD 68, showing little change despite rising geopolitical tensions and supply concerns.
President Donald Trump has intensified trade pressures globally, issuing new tariff directives targeting nations such as Brazil, in addition to earlier threats involving copper imports. These tariff hikes have added volatility to global markets, including commodities.
On the supply side, the Organization of the Petroleum Exporting Countries (OPEC) recently announced a higher-than-expected increase in production, effective August. The group anticipates that strong summer demand will help absorb the additional crude, although analysts remain cautious about a potential oversupply as peak consumption tapers off in the coming months.
In parallel, global security concerns remain high following renewed Red Sea conflicts. Tehran-backed Houthi militants reportedly sank two commercial ships and caused casualties, further destabilizing shipping lanes. This follows recent hostilities involving Iran and Israel, which are currently under a fragile truce.
Despite the ongoing risks, analysts note the market has entered a wait-and-watch mode. Brent and WTI have traded within a narrow range throughout the week, as traders seek clearer direction on demand recovery and potential supply shocks.
