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Oil prices edged down on Wednesday, weighed down by weaker equity markets after a major advocate for free trade in the Trump administration stepped down, stoking worries that Washington will push through with import tariffs and trigger a trade war.
Gary Cohn, the leading economic adviser to U.S. President Donald Trump announced his resignation on Tuesday, prompting a more than one percent decline in S&P 500 futures in early Wednesday trade. Cohn is perceived as a last stand against Trump's protectionist stance in the administration.
Cohn's departure came after he lost a fight over Trump's plans for heavy steel aluminum import tariffs, which critics say will prompt a global trade war.
Following the slide in stocks, crude oil followed suit, with Brent futures falling 51 cents or 0.8 percent from their prior close at $65.28 per barrel. US WTI crude futures traded at $62.13 per barrel, 47 cents or 0.75 percent down from their last settlement.
Surging U.S. crude oil production and increasing inventories also weighed on crude prices, according to traders. Crude inventories increased by 5.661 million barrels in the week to 426.880 million barrels, according to the American Petroleum Institute's data.
In general, oil supplies continue to be ample despite efforts led by OPEC and Russia to limit production in order to drive up prices.
