Oil prices edged up in Asian trade on Wednesday, after falling for three consecutive sessions as a US trade deal with Japan signalled progress on tariffs, though gains were capped by fading hopes for a breakthrough at an European Union (EU)-China summit.

Indonesia has agreed to eliminate tariffs on more than 99% of US goods and scrap all non-tariff barriers facing American firms, while the US will drop threatened tariffs on Indonesian products to 19% from 32%, the two countries said on Tuesday.

Economists at Goldman Sachs Group Inc expect the US baseline “reciprocal” tariff rate will rise from 10% to 15%, with a 50% levy on copper and critical minerals — an outcome that threatens to fuel inflation and weigh on economic growth.

Singapore’s key inflation gauge rose at the same annual rate in June from last month, ahead of a closely watched monetary policy review. 

President Donald Trump said the US reached an agreement with the Philippines setting a 19% tariff on the Southeast Asian country’s exports, a deal Philippine businesses say may push them to look at other markets.

The United States and Japan struck a deal to lower the hefty tariffs US President Donald Trump threatened to impose on goods from its Asian ally, that included a US$550 billion (RM2.32 trillion) package of US-bound investment and loans from Tokyo.