Oil prices edged higher on Wednesday, supported by expectations of strong summer fuel demand in the United States and China — the world's two largest consumers — though broader economic concerns limited gains. Brent crude futures rose 36 cents, or 0.5 per cent, to $69.07 a barrel by 0646 GMT, while US West Texas Intermediate (WTI) crude gained 47 cents, or 0.9 per cent, to $66.99, reversing two days of losses. Analysts pointed to increased gasoline consumption in the US, particularly during the Fourth of July period, and an 8.5 per cent year-on-year jump in China's June crude throughput as signals of robust demand. However, caution remained as markets weighed the impact of rising inventories and the threat of wider US tariffs on global trade. "Strong seasonal demand is currently providing upward momentum," LSEG analysts said, though Phillip Nova's Priyanka Sachdeva noted the rebound was likely a "mild technical correction" rather than a fundamental shift. OPEC maintained a more upbeat view, forecasting improved global growth in the second half of 2025, with Brazil, China and India outperforming expectations. Still, analysts warned that without clearer signs of economic recovery, particularly from Asia, oil prices may remain rangebound in the near term. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
