Oil prices rose on Wednesday, supported by expectations of robust summer demand in the United States and China, the world’s two largest crude consumers.
Brent crude futures were up 13 cents, or 0.2%, trading at $68.84 per barrel as of 0411 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures climbed 25 cents, or 0.4%, to $66.77 per barrel.
The modest gains come after two consecutive days of declines, with markets shrugging off earlier concerns about potential supply disruptions. These fears were triggered by U.S. President Donald Trump’s threat to impose tariffs on Russian oil imports.
While oil prices have fluctuated within a narrow range recently, analysts point to a tug-of-war between strong seasonal demand and broader economic worries. Increased travel and industrial activity in the Northern Hemisphere summer are pushing demand higher, but concerns persist that U.S. tariff actions could slow global growth and fuel consumption.
“Strong seasonal demand is currently providing upward momentum to oil prices, as summer travel and industrial activity peak,” said analysts at LSEG in a market note.
In addition, major oil producers remain cautiously optimistic, citing signs of improved economic growth in the second half of the year. Economic data from China also revealed steady growth, helping reinforce bullish sentiment in the energy market.
Still, some market participants remain cautious, warning that economic uncertainty could limit further price increases in the weeks ahead.
