Oil prices dropped as the August 1 tariff deadline loomed, with Brent crude down 71 cents to $72.53 and U.S. crude down 74 cents to $69.26. The White House announced that countries without a trade deal will receive terms by the end of the day. Trump extended the Mexico trade deal for 90 days.

Inflation rose in June due to tariffs, delaying Federal Reserve interest rate cuts. U.S. crude oil production hit a record 13.49 million barrels per day in May. Crude inventories rose by 7.7 million barrels, while gasoline stocks fell by 2.7 million barrels. Threat of U.S. sanctions on Russia supported oil prices.

Read more at Yahoo Finance: Oil prices fall as Trump’s Aug 1 trade tariff deadline looms