WASHINGTON (dpa-AFX) - Oil rebounded from two-month lows on Thursday, though the upside remained capped amid signs that supply will outpace demand in 2025 and 2026.
Benchmark Brent crude futures rose 0.40 percent to $65.89 a barrel in European trade, while WTI crude futures were up 0.40 percent at $62.89.
Oversupply fears gripped markets after the International Energy Agency said the market is on track for record oversupply next year.
Data released by the American Petroleum Institute on Tuesday revealed that U.S. crude oil inventories rose by 1.5 million barrels in the week ending August 8.
A separate report released by the Energy Information Administration on Wednesday revealed that U.S. crude oil inventories rose by 3.037 million barrels in the week ending August 8.
Meanwhile, investors weighed what impact the U.S.-Russia summit on Ukraine on Friday might have on Russian crude flows.
The Trump administration has threatened that Washington could increase secondary tariffs on India if talks don't go well in Alaska.
'We've put secondary tariffs on Indians for buying Russian oil. And I could see, if things don't go well, then sanctions or secondary tariffs could go up,' U.S. Treasury Secretary Scott Bessent said in an interview to Bloomberg TV on Wednesday.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
