Ammon News - Oil prices edged up in Asian trade on Wednesday after falling for three consecutive sessions as a U.S. trade deal, opens new tab with Japan signalled progress on tariffs, though gains were capped by fading hopes for a breakthrough at an EU-China summit.

Brent crude futures rose 21 cents, or 0.31%, to $68.80 a barrel by 0351 GMT. U.S. West Texas Intermediate crude futures gained 17 cents, or 0.26%, at $65.48 per barrel.

Both benchmarks were down about 1% in the previous session after the EU said it was considering countermeasures against U.S. tariffs, as hope faded for a deal ahead of an August 1 deadline.

President Donald Trump said on Tuesday that the U.S. and Japan had struck a trade deal that includes a 15% tariff on U.S. imports from Japan. He also said Japan had agreed on $550 billion in investments in the U.S.

Separately, U.S. crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added. Reuters