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Oil prices edged higher on Wednesday, supported by solid fuel demand in the U.S. and China and improving global economic sentiment. Brent crude rose 0.42% to $69 a barrel, while U.S. West Texas Intermediate (WTI) climbed 0.6% to $66.92, recovering from a two-day decline.
Traders are optimistic as strong seasonal demand—driven by summer travel and industrial activity—continues to support oil prices despite lingering concerns over U.S. trade policies. Market fears of supply disruption eased after President Trump’s threat of tariffs on Russian oil was largely dismissed.
LSEG analysts noted that increased gasoline consumption during the U.S. Fourth of July holiday highlighted resilient demand, helping to counter bearish sentiment from rising inventories and tariff tensions. Meanwhile, China’s June economic data showed slower-than-expected growth, but signs of stability reassured investors. Crude oil throughput in China surged 8.5% year-on-year, the highest since September 2023, reflecting stronger domestic fuel demand and improved refinery margins.
Global economic recovery also bolstered sentiment. The Organization of the Petroleum Exporting Countries (OPEC) forecast better economic performance in the latter half of 2025, with stronger oil demand from emerging economies like India, China, and Brazil. Recovery in the U.S. and European Union added to the positive outlook.
Oil markets remain in a tight range as investors weigh robust demand against macroeconomic risks. Still, signs of sustained consumption and a stable economic backdrop from major importers suggest support for crude prices in the near term.
