Oil prices rose on Thursday, July 24, 2025, buoyed by optimism over United States trade negotiations that would ease pressure on the global economy.
Brent crude futures gained 21 cents, or 0.3%, to $68.72 a barrel by 0335 GMT, while U.S. West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $65.47 per barrel.
Both benchmarks were little changed on Wednesday as markets monitored developments in U.S.-European Union trade talks, following President Donald Trump’s tariff deal with Japan.
The agreement lowers duties on auto imports and spares Tokyo from new levies in exchange for a $550 billion package of U.S.-bound investment and loans.
“Buying was driven by optimism that progress in tariff negotiations with the U.S. would help avoid a worst-case scenario,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.
“Still, uncertainty over U.S.-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains,” he added, predicting WTI will likely remain range-bound between $60 and $70.
Stock market investors gain N67bn
Two European diplomats said on Wednesday that the EU and the U.S. are moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, potentially paving the way for another major trade agreement following the Japan deal.
On the supply side, U.S. Energy Information Administration data showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels, exceeding analysts’ expectations in a Reuters poll for a 1.6 million-barrel draw.
Gasoline stocks also fell by 1.7 million barrels to 231.1 million barrels, nearly double expectations for a 908,000-barrel draw.
Distillate stockpiles, including diesel and heating oil, rose by 2.9 million barrels in the week to 109.9 million barrels – still near their lowest seasonal level since 1996, ANZ analysts said in a note.
“This suggests demand over the northern hemisphere summer has been relatively strong,” ANZ said.
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