Global crude oil prices eked out losses for the third consecutive session on July 22, slipping amid renewed concerns over a brewing trade war between the U.S. and the European Union. Brent crude futures edged down by 49 cents or 0.7%, to $68.72 per barrel, while U.S. West Texas Intermediate (WTI) fell 60 cents, or 0.9%, to $66.60 per barrel by 09:15 GMT.

These declines follow a period of market consolidation, with oil recently trading in a tight $65 to $70 range driven by seasonal demand and cautious investor sentiment.

Analysts attributed today’s drop to escalating tariff tensions between Washington and Brussels ahead of an August 1 deadline for new trade negotiations, which risk slowing global economic growth and, in turn, curbing fuel demand.A stronger U.S. dollar offered minor support, blunting deeper losses by making oil cheaper for holders of other currencies.

Technical indicators also point to a bearish bias: WTI remains under pressure, trading below its 50-period moving average near $66.10. This reinforces the potential for further downside, with the next key support level identified at $65.60 per barrel.If the market breaks visibly below the $65 mark, analysts anticipate intensified selling pressure.

Despite the recent slide, the oil market remains sensitive to broader supply-demand dynamics. OPEC forecasts suggest a slowdown in global crude demand expansion, with growth projections between 0.7 million and 1.3 million barrels per day in 2025 the slowest pace since 2009.

Looking ahead, market attention is likely to focus on the durability of trade negotiations, OPEC+ supply decisions, and shifts in U.S. inventories Reuters estimates show a modest drop of around 600,000 barrels in crude stockpiles last week.

In the near term, oil remains range-bound, oscillating within its summer corridor between key technical levels, as traders await fresh catalysts.

Overall, while oil remains relatively stable, the combination of trade-related fears, technical constraints, and cautious demand forecasts has weighed on sentiment.

Stakeholders will be closely monitoring policy developments in the U.S. and EU, OPEC+ output signals, and inventory data to assess whether prices can regain momentum or risk drifting lower into the mid‑$60s.