WTI crude oil futures rebounded to $62 per barrel on Wednesday, as hopes for renewed US-China trade talks offset bearish supply and demand signals.
China signaled it’s open to negotiations but wants key changes from Washington, including more respectful rhetoric and a clear negotiator with Trump's backing.
This raised optimism for easing trade tensions, supporting oil prices.However, the IEA cut its 2024 global demand forecast, warning of a potential supply glut through 2026.OPEC+ output has risen faster than expected, and progress in US-Iran nuclear talks could boost Iranian crude exports.
Meanwhile, API data showed a 2.4 million barrel build in US crude inventories last week, defying expectations for a 1.68 million barrel draw.Still, declines at Cushing and in fuel stockpiles helped cushion the blow.
WDS Price at posting:
$19.32 Sentiment: Buy Disclosure: Held
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