Oil prices edge lower with trade talks in focus

Oil prices fell for the fourth consecutive session on Wednesday, as investors assessed a U.S. tariff deal with Japan ahead of trade talks between EU and U.S. officials due later in the day.

Brent crude futures were down 30 cents, or 0.44%, at $68.29 a barrel at 11:55 a.m. EDT (1555 GMT). U.S. West Texas Intermediate crude futures were down 28 cents, or 0.43%, at $65.03 per barrel.

Both benchmarks lost about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs.

U.S. President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans.

"The slide (in prices) of the past three sessions appears to have abated but I don’t expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights.

The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while the Commission's primary focus is to achieve a negotiated outcome with the United States to avert 30% U.S. tariffs.