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

The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.