International crude oil prices declined on July 21. US tariffs on EU imports are scheduled to take effect on August 1. John Kilduff, a founding partner of Again Capital, said that US tariffs may negatively affect oil demand and economic activity.

Meanwhile, IG market analyst Tony Sycamore noted that oil inventory data indicating a tight supply could provide some support for crude oil prices.

West Texas Intermediate (WTI) crude for August delivery decreased by US$0.14 (0.2%), reaching US$67.20 per barrel on the New York Mercantile Exchange. Brent crude for September delivery fell by US$0.07 (0.1%), settling at US$69.21 per barrel.