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Oil prices climbed for a second consecutive day on Wednesday, gaining more than one per cent as concerns over sanctions-related supply risks and optimism about a potential U.S.–China trade deal buoyed the market.
According to Reuters, Brent crude futures increased by 94 cents, or 1.5 per cent, to $62.26 a barrel at 05:00 WAT, while U.S. West Texas Intermediate (WTI) crude rose 92 cents, or 1.6 per cent, to $58.16.
The market extended its recovery from Monday’s five-month low, supported by supply concerns and fresh signs of demand stability. Fears of disruption were heightened after a planned summit between U.S. President Donald Trump and Russian President Vladimir Putin was postponed, alongside mounting Western pressure on Asian buyers of Russian oil.
Investors also kept a close eye on geopolitical tension between the U.S. and Venezuela — a key oil producer — after Washington ordered strikes on several vessels in the Caribbean allegedly involved in narcotics trafficking linked to Caracas.
Meanwhile, optimism over progress in U.S.–China trade negotiations provided further support. Officials from both countries are due to meet in Malaysia this week ahead of a planned meeting between Trump and Chinese President Xi Jinping in South Korea next week.
Reuters reported that U.S. crude, petrol, and distillate inventories declined last week, citing figures from the American Petroleum Institute.
In a related move, the U.S. Department of Energy announced plans to purchase one million barrels of crude oil for delivery to its Strategic Petroleum Reserve, taking advantage of the relatively low prices to rebuild national stockpiles.
