Oil was little changed in price, halting last month's growth, as traders prepared for the announcement of US tariffs, UNN reports, citing Bloomberg.
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Brent traded below $75 a barrel after a slight decline on Tuesday.
US President Donald Trump is set to announce his tariff measures later on Wednesday, and the large-scale tariff will take effect immediately, according to his chief press secretary.
Several proposals are said to be under consideration, including a multi-tiered tariff system with a set of fixed rates for different countries, as well as a more individualized "reciprocal" tariff plan. Large-scale measures remained on the table even as the announcement approached.
"We are taking a wait-and-see position in the oil market today until there is more clarity on Trump's tariff plans," said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management. - However, there is a risk that the price of oil may fall today, caused by fears that tariffs will significantly delay growth."
Tariffs add to the flow of conflicting drivers since Trump took office. Sanctions threaten to limit supplies from Russia and Iran, even as increased production by OPEC and its allies, starting this month, fuels fears of a surplus that threatens later this year.
The US, the publication writes, may further tighten the screws on Russia. A group of 50 Republican and Democratic senators has introduced a package of sanctions against the world's third-largest oil producer and countries that buy its fuel if Russian dictator Vladimir Putin refuses to conduct good-faith negotiations on a ceasefire with Ukraine or violates a possible agreement.
At the same time, the American Petroleum Institute reported that US crude oil inventories rose by 6 million barrels last week, according to a document seen by Bloomberg. Levels in Cushing, Oklahoma - the delivery point for West Texas Intermediate oil - rose by 2.2 million barrels, according to the report, which would be the biggest increase since January 2023 if confirmed by official data later on Wednesday.