Oil falls for third straight session amid trade uncertainty

Oil drilling rigs

Oil prices fell today, July 22, marking the third consecutive session of declines amid fading hopes that the US and the European Union (EU) will reach a trade agreement.

Brent crude dropped 0.90%, or 62 cents, to close at $68.59 a barrel. WTI crude futures fell 1.47%, or 99 cents, to $66.21 a barrel.

The decline came amid concerns that trade negotiations between the US and the EU may stall as the deadline for implementing 30% tariffs on imports from the bloc approaches on Aug. 1.

European diplomatic sources told Reuters that the EU is considering a wide range of countermeasures against the US if negotiations fail to reach an agreement.

Trade tensions between Brussels and Washington threaten to slow growth in two of the world's most oil-consuming economies.