COMMODITY
Crude oil futures settle slightly higher on Wednesday
Jul-10-2025

Crude oil futures ended slightly higher on Wednesday, supported by Energy Information Administration (EIA) data supporting strong gasoline demand. The recent EIA's data indicated a decline in Gasoline stocks by 2.658 million barrels, while distillate fuel stocks decreased by 825,000 barrels. Besides, traders remained cautious about the implication of Trump’s tariffs on oil and energy demand. US President Donald Trump stated that he is planning to impose a new 50% tariff on all copper imports to the US. This could make electronic goods, machinery, and cars expensive in the US. He also added that 200% tariffs on pharmaceuticals are coming very soon.

Benchmark crude oil futures for August gained $0.05 or about 0.07% at $68.38 a barrel on the New York Mercantile Exchange. Brent crude for September increased $0.04 or about 0.06% at $70.19 a barrel on London's Intercontinental Exchange.

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