Oil, which remained near a one-month high due to new US sanctions, fell slightly in Asian trading
Oil prices fell in the Asian market on Wednesday, but remained near a one-month high due to new US sanctions on a network of shipping companies and ships. Investors are focused on the weekend OPEC+ meeting.
Brent crude fell 16 cents, or 0.2%, to $68.98 a barrel by 06:45 GMT. WTI crude fell 13 cents, or 0.2%, to $65.46 a barrel.
Indices rose more than 1% in the previous session after the US imposed new sanctions on a network of shipping companies and ships for smuggling Iranian oil disguised as Iraqi oil.
Oil futures remain supported by new sanctions that suggest further supply tightening is possible in the coming period.
The keep going geopolitical risks continue to influence oil price trends. The market is focused on the upcoming OPEC meeting and is concerned about production increases and commercial product release methods that could lead to oversupply.
According to a survey released Tuesday, US crude oil inventories were expected to decline last week, along with distillate and gasoline inventories. This was expected to lead to price increases, while weak economic data kept prices steady.
The US manufacturing sector contracted for the sixth consecutive month as Trump's tariffs negatively impacted business confidence and economic activity, negatively impacting the oil demand outlook.
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