Oil prices increased on Wednesday, July 16, 2025, boosted by expectations of firm summer demand in the world’s two largest consumers, the United States and China.
Prices have seesawed in a tight range as signs of steady demand from an increase in travel during the Northern Hemisphere summer have competed with concerns that U.S. tariffs on trading partners will slow economic growth and fuel consumption.
Brent crude futures rose 13 cents, or 0.2%, to $68.84 a barrel by 0411 GMT, while U.S. West Texas Intermediate crude futures were up 25 cents, or 0.4%, at $66.77.
That reversed two days of declines as the market downplayed the potential for supply disruptions after U.S. President Donald Trump threatened tariffs on purchases of Russian oil, Reuters reported.
Major oil producers are pointing to signs of better economic growth in the second half of the year, while data from China showed consistent growth.
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LSEG analysts said in a statement: “Strong seasonal demand is currently providing upward momentum to oil prices, as summer travel and industrial activity peak.
“Increased gasoline consumption, especially in the U.S. during the Fourth of July holiday period, has signalled robust fuel demand, helping offset bearish pressures from rising inventories and tariff concerns.”
China data showed growth slowed in the second quarter, but less than feared, in part because of frontloading to beat U.S. tariffs.
That eased some concerns about the economy of the world’s largest importer of crude.
The data also showed that China’s crude oil throughput in June jumped 8.5% from a year earlier, indicating stronger fuel demand.
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