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Oil prices recorded modest gains on Wednesday, extending a rally from earlier in the week as strong U.S. economic data and ongoing geopolitical risks supported market sentiment. Brent crude futures rose 4 cents, or 0.06%, to $62.42 a barrel, while U.S. West Texas Intermediate (WTI) crude increased 3 cents, or 0.05%, to $58.41 in early Asian trading.
The oil market has seen a notable rebound in recent sessions. On Monday, prices surged more than 2%, with Brent crude posting its largest daily gain in two months and WTI climbing to its strongest level since mid-November. This upward momentum continued on Tuesday, with prices advancing by over 0.5%, signaling renewed confidence among investors.
A key driver behind the recent rally was stronger-than-expected U.S. economic growth. According to the Commerce Department’s Bureau of Economic Analysis, U.S. gross domestic product expanded at an annualized rate of 4.3% in the third quarter, marking the fastest growth pace since the third quarter of 2023. Robust consumer spending played a central role in lifting economic activity, reinforcing expectations for sustained energy demand.
Market analysts also pointed to rising geopolitical tensions as a major source of support for crude prices. Disruptions to Venezuelan oil exports have significantly tightened supply expectations, while continued attacks on energy infrastructure linked to the Russia-Ukraine conflict have added to supply-side concerns. IG analyst Tony Sycamore noted that the combination of strong U.S. growth data and escalating geopolitical risks helped underpin overnight gains in oil prices.
Meanwhile, U.S. oil inventory data had limited impact on market sentiment. Industry figures showed U.S. crude inventories rose by 2.39 million barrels last week, alongside increases in gasoline and distillate stocks. However, analysts said the data was largely overlooked due to stronger macroeconomic and geopolitical factors. The U.S. Energy Information Administration is set to release its official inventory report later than usual due to the holidays, while seasonal demand patterns in December have further softened the market’s reaction to rising stockpiles.
Overall, oil prices continue to find support from resilient U.S. economic performance and ongoing supply risks, keeping the near-term outlook cautiously optimistic for the energy market.
