Oil prices rise as economic data lifts sentiment

Oil prices rose on Thursday, July 17, 2025, following stronger-than-expected economic data from the world’s top oil consumers and signs of easing trade tensions.

Brent crude futures rose 8 cents, or 0.1%, to $68.60 a barrel at 0630 GMT, while U.S. West Texas Intermediate crude futures were up 16 cents, or 0.2%, at $66.54.

Both benchmarks fell more than 0.2% in the previous session.

United States President Donald Trump has said letters notifying smaller countries of their U.S. tariff rates would go out soon.

Trump added on Wednesday that he would probably put a blanket 10% or 15% tariff on smaller countries.

New agreements with Indonesia and Vietnam were announced this week.

Trump also offered renewed optimism about prospects of a deal with Beijing on illicit drugs and hinted that a trade deal with India was very close, while an agreement could possibly be reached with Europe as well.

Israel bombs Damascus, vows to protect Druze

Independent analyst Tina Teng said: “Trump softened tones on China and proposed lower tariff rates on smaller countries, which are seen as positive developments in the global trade outlooks.

“China’s better-than-expected economic data and the U.S.’s larger-than-expected oil inventory draw have both been bullish factors for oil prices.”

U.S. crude inventories fell by 3.9 million barrels to 422.2 million barrels last week, the Energy Information Administration said on Wednesday, a steeper decline than forecast for a 552,000-barrel draw, suggesting stronger refinery activity, tighter supply, and increased demand.

However, larger-than-expected builds in gasoline and diesel inventories capped price gains. This raised concerns of weakening demand from summer travel, ANZ analysts told Reuters on Thursday.

The Star