16 July | Oil

Oil prices rise on strong US and China demand expectations

Oil prices rise on strong US and China demand expectations

Oil prices increased on Wednesday due to expectations of steady summer demand in the United States and China, the world's top oil consumers. Analysts at LSEG noted that growing vacation travel and industrial activity are supporting prices, though new US tariffs may limit economic growth and reduce fuel consumption.

After two days of declines, Brent crude rose 0.2% while WTI gained 0.5%. The market has begun considering potential supply disruptions from Russia, which it had previously overlooked. Meanwhile, China reported an 8.5% year-on-year increase in oil refining during June, pointing to recovering demand.

However, Priyanka Sachdeva of Phillip Nova believes the price rise is temporary, driven more by technical factors than market fundamentals. OPEC maintains a more positive view, forecasting improved economic conditions in the second half of the year, particularly in China, India and Brazil.

Period: 05.09.2025 Expectation: 900 pips
AUDCAD loses momentum near channel resistance
29 August 2025 39
Period: 05.09.2025 Expectation: 900 pips
Inverse head and shoulders pattern to form upon GBPUSD break of 1.358
29 August 2025 46
Period: 30.11.2025 Expectation: 2800 pips
USDJPY set to weaken in medium term
29 August 2025 25
Brent sell
Period: 05.09.2025 Expectation: 200 pips
Brent declines amid growing inventories and potential production increases
29 August 2025 47
Period: 05.09.2025 Expectation: 600 pips
Buying USDCAD on divergent data from US and Canada
29 August 2025 25
Period: 30.11.2025 Expectation: 3000 pips
Tesla shares to get boost on breaking $370
28 August 2025 46
Go to forecasts