Oil prices fell due to an unexpected rise in US crude oil inventories and the extension of the US-Mexico trade deal.

Brent and WTI oil prices fell on Thursday, influenced by a surprise rise in US crude inventories and the extension of the US-Mexico trade deal. The tariffs imposed by the US are hurting demand for oil, and the inflation they generate is reinforcing expectations that the Federal Reserve will not cut interest rates. US oil production hit a new record and crude oil inventories rose by 7.7 million barrels, while gasoline stocks fell, suggesting strong demand. Geopolitical tensions and US sanctions add further risks to the oil market.