Oil prices edged higher as of today with Brent crude rising $0.31 to $68.83 per barrel and U.S. West Texas Intermediate up $0.61 to $66.99, buoyed by easing trade tensions and tighter inventories.
The modest bounce followed three sessions of losses, driven by upbeat economic data from the U.S. and China, including a draw of 3.9 million barrels from U.S. crude stockpiles.
Brent briefly dipped below $68 amid concerns over a global economic slowdown, though it rebounded as risk appetite returned.
Analysts say the outlook remains balanced;bullish demand signals are offset by robust supply, including rising OPEC+ output and swelling global inventories.
Market watchers caution that any flare-up in geopolitical tensions especially around the Strait of Hormuz could trigger a sharp rally above $70, while a slowdown in global growth or aggressive OPEC+ supply increases could weigh on prices.
Written By Ian Maleve
