Oil prices rose in Asian trade on Wednesday, rebounding from two days of losses, as OPEC+ maintained its global demand outlook despite higher output, while investors weighed a modest rise in U.S. crude inventories.
As of 22:17 ET (02:17 GMT), Brent Oil Futures expiring in September rose 0.4% to $69.01 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.6% to $66.94 per barrel.
Oil prices were volatile early in the week after U.S. President Donald Trump warned of a “major statement” on Russia, stoking fears of potential supply disruptions.
However, prices fell nearly 3% over the first two days as Trump stopped short of immediate action, instead giving Russia a 50-day window to end the war in Ukraine.
OPEC reaffirms demand outlook, sees better economic growth in 2H The Organization of the Petroleum Exporting Countries (OPEC) maintained its oil-demand forecast for 2025 and 2026, expressing optimism that global trade tensions will ease in the coming months.
It stated that the global economy could see stronger-than-anticipated growth in the second half of the year, despite trade conflicts.
“Supported by the past months’ developments, the forecast anticipates that reasonable trade agreements are reached with most key US trading partners, and global economic uncertainty is likely to ease further,” the cartel said in its monthly report.
Oil prices have been under pressure due to concerns that President Trump’s new tariffs, scheduled to take effect August 1, could increase inflation and slow economic growth, negatively affecting oil demand.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. “Looking ahead, refinery intakes globally, and particularly in the US, are expected to keep throughputs elevated to meet the seasonal uptick in transport fuel demand, especially that of gasoline, jet/kerosene and residual fuel,” OPEC+ added.
This comes amid continued production hikes by OPEC+, with the most recent increase of 548,000 barrels per day (bpd) for August.
US crude inventories rose slightly last week - API The American Petroleum Institute’s report for the week ended July 11 is expected to show a modest rise of 839,000 barrels in US crude oil inventories, according to a Reuters report.
Gasoline inventories rose by 1.93 million barrels, and distillate stocks rose by 828,000 barrels, the report said.
This comes after the previous week saw a 7.1 million‑barrel jump in crude stocks.
The surge was largely attributed to lower refinery intake due to the maintenance season.
