Oil extended a gain as the US cut its forecast for an oversupply, following similar moves by other market watchers including the International Energy Agency.
West Texas Intermediate rose toward $67 a barrel after a modest gain on Tuesday, with Brent crude closing below $70.
The Energy Information Administration slashed its prediction for a global surplus for this year and halved its outlook for a glut in 2026, citing the prospect of diminished flows from Iran and Venezuela.
Elsewhere, the industry-funded American Petroleum Institute reported that US nationwide commercial inventories rose 4.2 million barrels last week, although a big draw was seen at the oil storage hub in Cushing, Oklahoma.
That would be the first reduction at the delivery point for WTI in five weeks if confirmed by official data on Wednesday.
Oil recouped early losses on Tuesday even as fresh trade salvos from US President Donald Trump threatened to prolong a plunge in risk assets.
Futures have plunged from a high in mid-January on the chaotic rollout of tariffs, OPEC+ plans to add supply and weakening demand in China.
Source: Bloomberg
Oil prices closed down nearly $1 on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which could lead to an easing of the sanctions imposed on Mos...
Oil prices fell early on Friday ahead of a summit meeting between the United States and Russia, while China released weak economic data. West Texas Intermediate crude oil for September delivery was l...
Oil prices fell on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which some expect could lead to an easing of the sanctions imposed on Moscow o...
Oil prices fell on Friday as concerning economic data from the U.S. and China, the world's two largest oil users, increased worries about fuel demand while investors also await the summit between U.S....
Oil prices were steady throughout the day and week, with investors focused on the meeting between the US and Russian presidents on Friday night. West Texas Intermediate crude traded near $64 a barrel...
United States (US) President Donald Trump and Russian President Vladimir Putin concluded an initial face-to-face meeting in Alaska late Friday, with both parties delivering mutually inconclusive statements. Trump and Putin both delivered vague...
Gold price (XAU/USD) holds firm during the North American session as market participants await the outcome of the meeting between US President Donald Trump and his counterpart, Russian President Vladimir Putin. Traders shrugged off in-line US...
Oil prices closed down nearly $1 on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which could lead to an easing of the sanctions imposed on Moscow over the war in Ukraine. Brent crude...
The U.S. Census Bureau will release the country's Retail Sales report on Friday. Market analysts expect headline Retail Sales to grow 0.5% monthly...
Australia will release its July monthly employment report on Thursday at 1:30 GMT, following the Reserve Bank of Australia (RBA) decision to trim...
Federal Reserve Chair Jerome Powell will give a speech on the economic outlook and the Fed's review of its policy framework next Friday at the...
A 50-basis point interest rate cut next month could potentially send the wrong signal to markets about the state of the U.S. labor market, San...