WTI crude oil futures rose toward $67 per barrel on Wednesday, trimming losses from a two-day decline as traders focused on improving demand signals from the US and China. Strong summer travel and rising US gasoline consumption supported the outlook, while China’s second-quarter growth exceeded expectations, easing concerns over its energy demand despite tariff-related headwinds.
This aligned with OPEC+’s latest report, which projected a stronger global economy in the second half of 2025, with rising oil demand driven by growth in India, China, and Brazil, along with continued recovery in the US and EU. Meanwhile, a drone strike halted output at Iraq’s Sarsang field, adding a short-term geopolitical risk premium. However, gains were capped by fading concerns over Russian exports after President Trump issued a 50-day ultimatum for Russia to end the war. Additionally, API data showed a surprise 19.1 million-barrel jump in US crude inventories, marking a record high.
