BEIJING — Oil prices rose on Wednesday, boosted by expectations of firm summer demand in the world’s two largest consumers, the United States and China, though gains were capped by analysts’ caution about the wider economy.
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 US tariffs on trading partners will slow economic growth and fuel consumption.
Brent crude futures rose 13 cents, or 0.2 percent, to $68.84 a barrel by 0411 GMT. US West Texas Intermediate crude futures were up 25 cents, or 0.4 percent, at $66.77.
That reversed two days of declines as the market downplayed the potential for supply disruptions after US President Donald Trump threatened tariffs on purchases of Russian oil.
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.
“Strong seasonal demand is currently providing upward momentum to oil prices, as summer travel and industrial activity peak,” LSEG analysts said in a note.
