Oil prices rise on summer demand outlook

Oil drilling rigs

Oil prices rose on Wednesday, supported by expectations of strong summer demand in the world’s two largest economies, the US, and China.

Brent crude futures for September delivery rose 0.25%, or 17 cents, to $68.88 per barrel as of 8:00 am Makkah time.

Meanwhile, US West Texas Intermediate (WTI) crude futures for August delivery increased 0.45%, or 29 cents, to $66.81 per barrel.

Chinese refineries processed 15.15 million barrels per day (bpd) in June, up 8.8% from May — the highest level since September 2023, according to Reuters calculations based on official data.

China, the world’s largest crude oil importer, recorded imports of 12.14 million bpd in June, the highest daily rate since August 2023, representing a 7.1% increase compared to May.

Markets are awaiting the release of official weekly inventory data from the US Energy Information Administration later today, after estimates from the American Petroleum Institute indicated that crude oil inventories rose by about 839,000 barrels during the week ending July 11.