International oil prices fell on July 16 due to an increase in US fuel inventories and market concerns about the broader economic impact of US tariffs.

US President Donald Trump's tariff war continues, and the European Commission is preparing to take retaliatory measures if trade talks with Washington fail to secure a deal for the EU.

West Texas Intermediate (WTI) crude for August delivery decreased by US$0.14 (0.2%), reaching US$66.38 per barrel on the New York Mercantile Exchange. Brent crude for September delivery fell by US$0.19 (0.3%), settling at US$68.52 per barrel.