Khaberni -Oil prices rose on Wednesday thanks to expectations for sustained demand in the United States and China, the world's largest oil consumers, amid improving economic outlooks.
Brent crude futures climbed 29 cents, or 0.42%, to $69 per barrel by 01:05 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 40 cents, or 0.6%, to $66.92.
This comes after a two-day decline, as the market did not pay attention to the possibility of supply disruptions following U.S. President Donald Trump's threat to impose tariffs on Russian oil buyers.
The prices moved within a somewhat narrow range, as signs of enduring demand due to increased travel during the summer in the Northern Hemisphere competed with concerns that U.S. tariffs on trade partners could slow economic growth and fuel consumption.
However, major oil producers' forecasts indicate an improvement in economic growth in the second half of the year, while Chinese data shows that growth in the country is still continuing.
Analysts from the London Stock Exchange Group noted in a memo: "Currently strong seasonal demand is providing momentum for oil prices, as summer travel and industrial activity peak."
They added: The increase in gasoline consumption, especially in the United States during the Fourth of July holiday, indicated strong fuel demand, which helped offset the impact of pressures leading to a decline (in prices) due to rising inventories and concerns related to tariffs.
Chinese data showed a slowdown in growth in the second quarter of the year, but not to the extent that was previously feared, partly due to early shipping of exports in anticipation of American tariffs. This alleviated some concerns about the economy of the world's largest crude oil importer.
In addition, the Organization of Petroleum Exporting Countries "OPEC" predicted in a monthly report on Tuesday that the global economy will perform better in the second half of the year, reinforcing expectations for oil demand.
The report indicated that the performance of India, China, and Brazil exceeds expectations, while the United States and the European Union have been recovering since last year.
