WTI edges higher to near $67.50 on tighter US supplies

• WTI price drifts higher to $67.40 in Thursday's early Asian session. 
• Crude oil stockpiles in the US rose by 1.448 million barrels last week, according to the EIA. 
• Concerns over the US economic slowdown and Trump's aggressive tariffs on imports might weigh on the WTI. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.40 during the early Asian session on Thursday. The WTI price extends the rally amid tighter-than-expected oil inventories. However, the upside for the WTI price might be limited due to mounting fears of a US economic slowdown and the impact of tariffs on global economic growth.

Crude Oil inventories climbed last week. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the United States for the week ending March 7 increased by 1.448 million barrels, compared to a rise of 3.614 million barrels in the previous week. The market consensus estimated that stocks would increase by 2.1 million barrels. 

"This week, the oil build was smaller than expected and gasoline and diesel draws were larger than expected," noted Josh Young, Chief Investment Officer, Bison Interests. "This evidences stronger demand and could see oil prices rise as a result."

Nonetheless, US President Donald Trump's aggressive tariffs on imports are expected to raise prices for businesses, boost inflation and undermine consumer confidence in a blow to economic growth. This, in turn, might drag the WTI price lower. The White House confirmed on Tuesday that fresh 25% tariffs on all imported steel and aluminum will still go into effect on Wednesday, including against allies and major US suppliers Canada and Mexico.