Oil prices edged higher on Thursday, breaking a three-day losing streak as better-than-expected economic indicators from major oil-consuming countries and signs of easing global trade tensions lifted market sentiment.
As of 04:57 GMT, Brent crude futures rose by 24 cents, or 0.35%, to $68.76 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 33 cents, or 0.5%, to $66.71 a barrel. Both benchmarks had dropped by more than 0.2% in the previous session.
The rebound was supported by positive developments in international trade talks, particularly remarks by U.S. President Donald Trump indicating that the U.S. might adopt a blanket 10% to 15% tariff on smaller nations instead of steeper individual tariffs. Trump also noted progress on trade deals with Indonesia and Vietnam, and expressed renewed optimism about reaching agreements with China, India, and the European Union.
“Trump softened tones on China and proposed lower tariff rates on smaller countries, which are seen as positive developments in the global trade outlooks,” said independent analyst Tina Teng.
Market analysts said the combination of stronger economic data from major oil consumers and the de-escalation in trade rhetoric is boosting investor confidence and increasing demand expectations for crude.
Traders and investors will be watching for further signals from the U.S. and its trade partners, especially as energy markets remain sensitive to macroeconomic shifts and geopolitical dynamics.
