WTI crude oil futures rose toward $67 per barrel on Thursday, halting a three-day losing streak, supported by upbeat economic data from major oil consumers and signs of easing trade tensions. In the US, recent data indicated improving activity, although the outlook remained neutral to slightly cautious due to tariff-driven price pressures. Meanwhile, China’s Q2 growth slowed less than expected, supported by front-loading ahead of US tariffs.
Strengthening the demand outlook, EIA data showed US crude inventories fell by 3.9 million barrels, although gains were limited by larger-than-expected gasoline and diesel builds. China’s June crude throughput also increased 8.5% year-on-year. Additional support came from easing US-China trade tensions, including the lifting of the AI chip ban and a trade deal with Indonesia. President Trump also expressed optimism about potential trade agreements with India and Europe. Still, tariff-related risks to demand remain.
