Doha: Oil prices steadied in early trading on Wednesday after falling for three consecutive sessions as a US trade deal with Japan signaled progress on tariffs and a poll showed US crude stockpiles fell last week, indicating stronger demand. Brent crude futures rose 33 cents, or 0.48%, to $68.92 a barrel. US West Texas Intermediate (WTI) crude futures rose 33 cents, or 0.51%, to $65.64 per barrel.

According to Qatar News Agency, oil had fallen in the previous session after the EU said it was considering countermeasures against US tariffs, as hope faded for a deal ahead of the August 1 deadline. The recent developments in US-Japan trade discussions appear to have positively influenced market sentiments, as traders anticipate a potential increase in demand due to reduced stockpiles.

The expectation of a decline in US crude inventories has provided a boost to oil prices, countering the recent declines triggered by trade tensions between the US and the EU. Analysts are closely watching the situation, as any further developments in trade negotiations or changes in stockpile data could significantly impact the global oil market.