Oil prices rebounded by around 1% on Thursday, snapping a five-day losing streak, as data indicated firm demand in the United States—the world’s largest oil consumer.
Brent crude futures climbed 62 cents, or 0.9%, to $67.51 per barrel by 03:42 GMT, while U.S. West Texas Intermediate (WTI) crude rose by 68 cents, or 1.1%, to settle at $65.03.
The recovery followed a dip of roughly 1% on Wednesday that had dragged both benchmarks to their lowest levels in eight weeks. That decline came on the heels of remarks by U.S. President Donald Trump, who suggested progress in diplomatic talks with Russia.
A White House official revealed that Trump could meet Russian President Vladimir Putin as early as next week. However, Washington is still preparing additional sanctions on Moscow, potentially targeting nations like China, to intensify pressure over the war in Ukraine.
Russia, the world’s second-largest crude oil producer after the U.S., remains a key player in global energy markets.
Despite the geopolitical tensions, oil prices found support from a larger-than-expected drop in U.S. crude inventories last week, signaling ongoing robust demand.
