Oil prices fell by nearly 1% on Wednesday. Investors are waiting for developments on the tighter deadline imposed by US President Donald Trump on Russia to end the war in Ukraine and its threats of tariffs against countries that trade its oil

Brent crude futures, the most active, lost 68 cents, or 0.95%, to $71 per barrel at 11:03 GMT, while American West Texas Intermediate crude fell 70 cents, or 1%, to $68.51 per barrel at 11:03 GMT, while American West Texas Intermediate crude fell 70 cents, or 1%, to $68.51 per barrel.

The September Brent crude oil contract that expires on Wednesday fell 69 cents, or 0.95%, to $71.82.

Both contracts reached their highest level since June 20 on Tuesday. U.S. crude and distillate inventories rose last week while gasoline inventories fell, market sources said, citing API data