Oil Prices Edge Up on Wednesday

PUKMEDIA

Oil prices

Global oil prices rose slightly on Wednesday, supported by seasonal demand and tightening short-term supply, although broader economic uncertainty continues to weigh on the market.

Brent crude rose by $0.14 to $68.85 per barrel (+0.20%), while WTI crude gained $0.27, reaching $66.79 per barrel (+0.41%). The increase reflects robust summer fuel consumption, particularly in the United States and China, where travel and industrial activity are currently elevated.

However, caution persists among traders. Weaker-than-expected economic growth figures from China and global inflation pressures are keeping forecasts subdued. The US Energy Information Administration (EIA) predicts that prices will ease towards the end of the year as oil inventories increase and OPEC+ gradually boosts production.



PUKMEDIA