Crude Oil Prices Inch Up Despite U.S. Tariffs Taking Effect, Buoyed by Large U.S. Inventory Drop

05:03 AM EDT, 08/07/2025 (MT Newswires) -- Crude oil prices edged higher on Thursday despite ongoing concerns about the impact of U.S. tariffs on global economic growth and oil demand.

Brent crude at last look gained 0.2% to US$67.01/barrel and West Texas Intermediate crude was up 0.2% to US$64.47/b.

U.S. President Donald Trump's tariffs took effect earlier in the week and he promised a 50% tariff on India set to take effect later this month unless the country halts its Russian oil purchases.

A White House official said Trump could meet Russian President Vladimir Putin as soon as next week, but it still plans to impose secondary sanctions, including potentially on China, as the U.S. pressures Russia to reach a ceasefire with Ukraine, Reuters said in a Thursday report.

However, price support came from a larger-than-expected decrease in U.S. crude oil inventories of 3 million barrels, indicating higher demand, the report said, citing data from the U.S. Energy Information Administration.

The inventory drop came as U.S. crude exports and refinery runs rose, with utilization on the Gulf Coast and the West Coast hitting their highest level since 2023, Reuters reported.

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