Oil prices inch higher as investors weigh supply-demand prospects

07/10/2025 Argaam
Oil drilling rigs

Oil drilling rigs


Oil prices edged higher on Tuesday amid uncertainty over Russian crude supplies as the conflict with Ukraine continues, while investors assessed the potential impact of the US government shutdown.

 

December Brent crude futures rose a marginal 0.1%, or 7 cents, to $65.54 a barrel as of 8:07 am KSA time.

 

US West Texas Intermediate (WTI) November futures also gained 0.1%, or 6 cents, to $61.75 a barrel.

 

Elsewhere, China, the world’s largest crude importer, is expanding its oil reserves by building 11 new strategic oil storage sites this year and next as part of efforts to accelerate the buildup of its crude stockpiles and strengthen energy security, Reuters reported.

 

The American Petroleum Institute (API) is expected to release its weekly US crude inventory report later today, ahead of official data from the Energy Information Administration (EIA) due tomorrow, Oct. 8.

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