05:36 AM EDT, 10/29/2025 (MT Newswires) -- Crude oil prices declined Wednesday amid concerns about the impacts of U.S. tariffs on the global economy and the oil industry.

Brent crude at last look lost 0.4% to US$64.12/barrel and West Texas Intermediate crude fell 0.5% to $59.83/b. A report published by Deloitte Wednesday showed that U.S. President Donald Trump's tariffs are seen to boost operating costs, disrupt supply chains and weaken investment momentum for the oil and gas industry in 2026, Reuters reported on the same day.

U.S. tariffs on oil and gas industry key input materials such as steel, aluminum and copper could hike material and service costs across the value chain by 4% to 40%, the Deloitte report said.

The Organization of the Petroleum Exporting Countries and allied producers are also considering another output hike in December, putting pressure on prices, Reuters reported, citing four sources familiar with the talks. Two sources told Reuters the increase could be 137,000 barrels per day.

Meanwhile, Trump is set to meet with Chinese President Xi Jinping on Thursday in Busan, South Korea to discuss a potential trade deal.