WTI drifts lower to near $67.00 on rising Crude Stockpile in US, tariff uncertainty

• WTI price declines to near $67.15 in Thursday's early Asian session. 
• Crude oil inventories in the US rose by 7.070 million barrels in the week ended July 4, 2025, said the EIA.
• Surprise gain in US inventories and tariff uncertainty weigh on the WTI price; Red Sea attacks might help limit its losses.  

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.15 during the early Asian trading hours on Thursday. The WTI price loses ground amid concerns over weakening demand following a surprise increase in US crude inventories. 

US crude oil inventories rose last week for a second consecutive build, the biggest rise since January. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the US for the week ending July 4 rose by 7.070 million barrels, compared to an increase of 3.835 million barrels in the previous week. The market consensus estimated that stocks would decrease by 2 million barrels. 

Additionally, uncertainties surrounding the potential impact of US tariffs on major trading partners might contribute to the WTI's downside. US President Donald Trump unveiled a new round of tariff demand letters on Wednesday. Also, his announcement of a 50% tariff on copper imports and plans to impose new tariffs on semiconductors further deepened existing market risks. 

On the other hand, the rising geopolitical tensions in the Middle East could boost the WTI price. Attacks in the Red Sea, a key route for transporting crude oil from the Middle East to Europe and Asia, were renewed in the past week. Reuters reported that rescuers pulled six crew members alive from the Red Sea on Wednesday and 15 were still missing from the second of two ships sunk in recent days in attacks claimed by Yemen's Iran-aligned Houthi militia after months of calm.