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Global crude oil futures rebounded modestly on Wednesday, 25 June, as strong indicators of US fuel consumption helped lift sentiment following the steepest two-day price plunge in over two years. Investors also cautiously weighed the evolving ceasefire dynamics in the Middle East.

Brent crude settled 54 cents higher at $67.68 a barrel, up 0.8%.

WTI advanced 55 cents, or 0.9%, to close at $64.92. 

The gains partially reversed earlier losses that had shaved off as much as 13% since the start of the week, driven by easing geopolitical fears and broader macroeconomic uncertainty.

Fresh data from the US Energy Information Administration (EIA) offered a bullish counterweight, revealing that commercial crude inventories fell by 5.8 million barrels last week. The draw marked the fifth consecutive weekly decline, pushing inventories to their lowest seasonal level in 11 years.

Gasoline stocks—closely watched as a proxy for consumer demand—also dropped unexpectedly by 2.1 million barrels. The decline reinforced optimism over robust fuel consumption in the US, particularly during the peak summer driving season.

However, upside momentum was capped by reports that Russia may support a potential increase in oil production at the upcoming OPEC+ meeting, if deemed necessary by the wider group. The stance signals a possible shift from Moscow’s previous resistance to output hikes and adds another layer of complexity to the alliance’s policy outlook.

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