Oil Prices Snap Losing Streak As Investors Reassess Demand In Top Consumers US, China

Oil prices edged higher on Wednesday, snapping a two-session losing streak, as investors were most optimistic about demand.

Benchmark Brent crude prices were up 0.4% at $68.96 per barrel, while U.S. West Texas Intermediate crude prices gained 0.6% at $66.94 per barrel at 5.31 a.m. GMT. Oil prices eased this week after Donald Trump’s 50-day deadline for Russia to end the Ukraine War alleviated concerns around near-term supply.

During the Independence Day week, a record number of Americans took their vehicles out on the streets. Meanwhile, Chinese refineries ran at their highest level in nearly two years in June 2025, with crude oil processing reaching approximately 15.15 million barrels per day (bpd), the strongest pace since September 2023.

According to a Reuters report, LSEG analysts said, "Strong seasonal demand is currently providing upward momentum to oil prices, as summer travel and industrial activity peak."

Retail sentiment on Stocktwits regarding the United States Oil Fund remained in the ‘bearish’ territory.

The rise in Chinese refining activity helped the country’s gasoline and diesel stocks recover from multi-year lows, which were reached during April and May. Higher jet fuel and petroleum feedstock demand also improved profitability for Chinese refiners.

Priyanka Sachdeva, Phillip Nova's senior market analyst, stated that the steadying of crude markets after two volatile sessions resulted from a mild technical correction, rather than any shifts in underlying demand, Reuters reported.

Investors will closely monitor the weekly U.S. oil consumption data, due later on Wednesday. While several oil and gas producers, including OPEC+, expect demand to improve during the second half of the year, a trade war between the U.S. and its key trading partners could crimp oil demand.

U.S. inflation rose 0.3% over the past month, further dashing hopes of a cut in benchmark interest rates. 

Also See: Trump Strikes Deal With House Republicans To Advance Crypto Legislation After Facing Congressional Roadblock

For updates and corrections, email newsroom[at]stocktwits[dot]com.