Oil prices mixed in early Asian trade on Wednesday as traders awaited further clues on monetary policy from the minutes of the Federal Reserve’s June meeting. Traders were also worried that the trade war between the United States and China would heat up again.
Brent crude was down 43 cents, or 0.56%, at $75.82 a barrel by 9.54 A.M. Bangkok time, after climbing $1.60 on Tuesday.
Meanwhile, U.S. West Texas Intermediate (WTI) crude futures were at $70.88 a barrel, up $1.06, or 1.56%.
After Saudi Arabia and Russia pledged deeper supply cuts in the coming months, markets were on edge as the Organization of the Petroleum Exporting Countries (OPEC) began a two-day conference with major oil business leaders.
But oil prices were held back by concerns that the economy was slowing as a result of rising interest rates and a possible trade war between the United States and China.
The oil market has shifted its attention to the Federal Reserve’s June meeting minutes, which are scheduled for release later on Wednesday.
It is now expected by the market that the Fed will raise rates by 25 basis points in late July, with an implied probability of 88%.