The U.S. Energy Information Administration (EIA) on Wednesday released its official weekly crude oil inventory data, which showed an unexpected increase in stockpiles.

According to the government agency, U.S. crude oil inventories rose by 7.1 million barrels to 426.1 million barrels last week, defying market expectations for a decline of 1.5 million barrels.

Meanwhile, gasoline stockpiles fell by 2.7 million barrels to 229.5 million barrels, and distillate inventories — which include heating oil and diesel — declined by 0.8 million barrels to 102.8 million barrels.

U.S. stock indexes rose at the start of trading on Wednesday as markets assessed developments in tariff policy and awaited the release of the Federal Reserve’s meeting minutes.

On Tuesday, U.S. President Donald Trump expanded the scope of his global trade war by announcing a 50% tariff on copper imports. He added that long-threatened tariffs on semiconductors and pharmaceuticals were also coming soon.

The announcement followed a day after Trump imposed sharp tariff hikes on 14 trade partners, including key U.S. suppliers South Korea and Japan. He also renewed his threat to impose 10% tariffs on imports from Brazil, India, and other BRICS countries.

Separately, Trump renewed his attacks on Federal Reserve Chairman Jerome Powell, calling once again for his immediate resignation.

Later today, the Federal Reserve will release the minutes of its most recent meeting, which markets will scrutinize for signals regarding the central bank’s policy outlook.

As for market performance, the Dow Jones Industrial Average rose slightly by less than 0.1% (equivalent to 3 points) to 44,240 points by 16:18 GMT. The broader S&P 500 index gained 0.1% (7 points) to reach 6,233 points, while the Nasdaq Composite climbed 0.4% (80 points) to 20,498 points.

Copper prices declined during Wednesday’s trading after Tuesday’s sharp rally, which was driven by new tariffs announced by U.S. President Donald Trump on the red industrial metal.

On Tuesday, President Trump announced a 50% tariff on copper imports and revealed that long-awaited duties on semiconductors and pharmaceuticals would be announced soon, in a move that expands the scope of his ongoing trade war that has shaken global markets.

The announcement came just one day after Trump imposed steep tariffs on 14 trade partners, including major U.S. suppliers like South Korea and Japan. He also renewed his threat to impose 10% tariffs on imports from Brazil, India, and other BRICS nations.

While noting that trade talks were progressing well with the European Union and China, Trump added that he was just days away from sending a tariff notice to the EU.

The remarks, delivered during a Cabinet meeting at the White House, sparked further concern in a global economy already struggling with the fallout from tariffs either imposed or threatened on exports to the world’s largest consumer market.

Following Trump’s announcement, U.S. copper futures jumped more than 10% amid expectations that the tariffs will join existing duties on steel, aluminum, and automobiles. Copper is considered a vital input for electric vehicles, military equipment, power grids, and various consumer goods. The effective date of the new tariffs has yet to be announced.

Shares of U.S. pharmaceutical companies also fell after Trump threatened to impose tariffs of up to 200% on imported drugs, though he noted implementation might be delayed for nearly a year.

In response, other countries signaled they would try to mitigate the impact of these measures, especially after Trump postponed the Wednesday tariff deadline to August 1.

The Trump administration had previously promised “deals within 90 days” after unveiling in April a tariff list tailored to each country. So far, only two deals have been reached — one with the United Kingdom and one with Vietnam. Trump said an agreement with India is close.

“It’s time for the United States to start collecting money from countries that have been robbing us,” Trump said. “They’ve been laughing behind our backs, thinking we were stupid.”

In a post on Truth Social Tuesday evening, Trump said “no fewer than seven tariff notifications” would be issued Wednesday morning, with more to follow in the afternoon. He gave no further details.

Many trade partners around the world have complained that even basic framework negotiations are difficult due to the unpredictable manner in which new tariffs are announced, making internal compromise more difficult.

Highest tariff level since 1934

According to Yale University’s Budget Lab, Trump’s new tariffs on imports from 14 countries raised the effective tariff rate on American consumers to 17.6%, up from 15.8% previously, marking the highest level in 90 years.

The Trump administration promotes the tariffs as a key source of revenue. Treasury Secretary Scott Bessent said the U.S. has collected about $100 billion in tariffs so far, with projections reaching $300 billion by year-end, compared to an average of $80 billion annually in recent years.

U.S. markets edged lower on Tuesday, with the S&P 500 closing slightly down after a steep selloff on Monday following the tariff announcement.

Trump said he would “likely” notify the European Union within two days of the tariff rates expected on its exports to the U.S., noting that the 27-nation bloc has been “very good” to his administration in ongoing trade talks.

According to European sources, the EU aims to reach a deal before August 1 that includes concessions in key export sectors such as aircraft, medical equipment, and spirits. Brussels is also weighing a framework that would protect European carmakers with major manufacturing presence inside the U.S.

However, German Finance Minister Lars Klingbeil warned that the EU is prepared to retaliate if necessary. “If we cannot reach a fair trade deal with the United States,” he told parliament, “then the European Union is ready to take countermeasures.”

Japan, which may face a 25% tariff, is seeking exemptions to protect its massive automotive industry, while refusing to make concessions on agriculture — a sector with strong domestic political influence. Chief trade negotiator Ryusei Akazawa said a quick deal is unlikely.

South Korea, which also faces potential 25% tariffs, said it would intensify trade talks in the coming weeks “to reach a mutually beneficial outcome.”

As for relations with China, Washington and Beijing agreed on a general trade framework in June, though many details remain unclear. Investors are watching closely to see whether the deal collapses before the U.S. deadline of August 12 or results in a lasting truce.

“We’ve had a very good relationship with China lately,” Trump said. “We’re getting along extremely well. They’ve been very fair in our trade agreement, frankly.”

He added that he is in regular contact with Chinese President Xi Jinping.

New tariff list targeting multiple countries

Trump announced that the United States would impose:

25% tariffs on goods from Tunisia, Malaysia, Kazakhstan

30% tariffs on South Africa and Bosnia and Herzegovina

32% tariffs on Indonesia

35% tariffs on Serbia and Bangladesh

36% tariffs on Cambodia and Thailand

40% tariffs on Laos and Myanmar

Meanwhile, the U.S. Dollar Index rose slightly by less than 0.1% to 97.5 points at 16:00 GMT, recording a high of 97.7 and a low of 97.4.

In U.S. trading, copper futures for September delivery fell 3% to $5.51 per pound at 15:55 GMT.

Bitcoin remains stable above the $109,000 mark in Wednesday’s trading, as investors adopt a cautious stance ahead of the release of the U.S. Federal Reserve’s FOMC meeting minutes, seeking any clues regarding the potential path of interest rate cuts.

In the absence of market-moving news, traders are closely watching for signals in the minutes that could offer direction for monetary policy, potentially triggering sharp moves in the price of the world’s largest digital asset by market cap.

Despite this cautious tone, developments related to exchange-traded funds have generated short-term optimism, particularly after Trump Media filed for the creation of five crypto-linked ETFs. Meanwhile, spot Bitcoin funds recorded $80 million in net inflows on Tuesday.

FOMC minutes may trigger volatility in Bitcoin price

Bitcoin continued to trade sideways around the $109,000 level during Wednesday’s European session, with no major catalysts. However, this period of stability may end during the U.S. session with the release of the Federal Open Market Committee’s meeting minutes later today, which could provide more clarity on the interest rate outlook and spark a fresh directional move in Bitcoin.

According to a report by K33 Research on Tuesday, Bitcoin has remained within a narrow range with low daily volatility since May 22, leading to a noticeable decline in implied volatility across derivatives market options.

Although Bitcoin has made several upward attempts, chart data shows that implied volatility remains at its lowest level of the year, following another week of muted activity. Option skews remain neutral, reflecting a prevailing “wait-and-see” approach among traders.

Trump Media files to launch ‘Crypto Blue Chip ETF’

On Tuesday, Trump Media submitted an official S-1 registration filing to the U.S. Securities and Exchange Commission (SEC) for a new ETF named the “Crypto Blue Chip ETF,” featuring five leading cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cronos (CRO), and Ripple (XRP).

According to the filing details, the fund aims to allocate 70% of its assets to Bitcoin, 15% to Ethereum, 8% to Solana, 5% to Cronos, and 2% to Ripple.

Approval of the fund would be seen as a strong bullish signal for the crypto market, particularly Bitcoin, by enhancing adoption and improving liquidity.

Beyond institutional filings, demand from large investors for Bitcoin remains strong. Data from SoSoValue shows that spot Bitcoin funds recorded net inflows of $80.08 million on Tuesday, marking the fourth consecutive day of positive inflows since July 2.

Bitcoin outlook: price holding near key support

Bitcoin price has continued to move within a narrow range near the upper boundary of the consolidation zone previously broken at $108,355 since Friday. On Monday, the price dipped slightly to retest this level, then recovered modestly on Tuesday. As of Wednesday’s writing, the price is hovering around $108,700.

If this level continues to hold as technical support, Bitcoin may resume its upward path toward the previous all-time high recorded on May 22 at $111,980.

The Relative Strength Index (RSI) on the daily chart reads 55, indicating bullish momentum as it remains above the neutral 50 mark. Meanwhile, the MACD lines appear intertwined, reflecting indecision among traders regarding the next directional move.

In the event of a downside correction and a close below the $108,355 support, Bitcoin could retreat to test the lower boundary of the previous consolidation zone at $105,333 — a level that roughly coincides with the 50-day Exponential Moving Average (EMA) at $105,414, making it a critical support area.