Oil prices
Low U.S. fuel inventories raise supply concerns as operational oil rigs decline to the lowest level since November 2021
U.S. President Donald Trump's tariffs will remain in effect after a federal appeals court temporarily reinstated them
Oil prices climbed after a U.S. trade court ruled on Wednesday that Trump overstepped his authority by imposing global tariffs
Investors weigh supply risks after U.S. bars Chevron from exporting Venezuelan crude oil under new authorization
Market anticipates OPEC+ decision on increased crude oil output, affecting global prices
Trump's deadline extension for EU trade talks aims to alleviate concerns about tariffs and fuel demand
Brent was down 2 percent so far this week, while WTI was 2.7 percent lower
Crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ended May 16, the EIA said
Investors await upcoming U.S. oil stock data from the EIA later on Wednesday
Moody's downgrade of U.S. credit rating raises concerns about economic outlook and oil prices
Both contracts saw a rise of over 1 percent after the U.S. and China paused tariffs
