Oil price today rose on Wednesday morning, supported by supply concerns and optimism around trade negotiations. Market sentiment improved after news that the US plans to refill its strategic petroleum reserves.

Oil Price Movement

Brent crude futures rose 1.5% to $62.21 per barrel. West Texas Intermediate (WTI) futures gained 1.6% to $58.12 per barrel. These gains followed a recovery from a five-month low on Monday. Oversupply concerns and weak demand had pressured prices earlier in the week.

Geopolitical Risks Impacting Oil Price Today

Geopolitical tensions contributed to supply-side risks. Reports indicate the planned summit between US President Donald Trump and Russian President Vladimir Putin has been postponed. Traders also responded to Western pressure on Asian buyers to reduce Russian crude purchases. This increased concerns about possible disruptions.

Mukesh Sahdev, CEO of XAnalysts, said, “Despite bearish sentiment from oversupply and weak demand, supply disruption risks in Russia, Venezuela, Colombia, and the Middle East prevent oil prices from staying below $60.”

Venezuela remains a focus of geopolitical tension. UN experts condemned recent US military actions in international waters as “extrajudicial executions” and a dangerous escalation.

Oil Price Today – Trade Developments and Market Reaction

US and Chinese officials are scheduled to meet in Malaysia this week to discuss economic disputes. Trump expressed optimism on Monday about a fair trade deal with Chinese President Xi Jinping during a planned meeting in South Korea next week. ING commodities strategists noted, “Trump’s trade negotiation comments and the cancellation of the Trump–Putin summit are likely supporting the market.”

Oil Price Today – US Crude Inventory Data

Oil markets also reacted to US inventory data. Figures from the American Petroleum Institute showed a decline in crude, gasoline, and distillate stocks last week. This added support to prices.

Oil Price Today – Currency and Equities Updates

Sterling fell 0.3% to $1.3331 after inflation data remained flat for the third consecutive month. The pound reached a two-week low against the dollar, down from $1.34 on Tuesday. Traders expect the Bank of England may cut interest rates later this year.

The US dollar index remained steady at 98.95. The pound also edged lower against the euro, trading at €1.1485.

In equities, the FTSE 100 rose 0.6% on Wednesday morning to 9,486 points, showing a positive start alongside oil gains.

FAQs

Q1: Why did oil price today increase?
A1: Oil price today rose due to supply concerns, geopolitical tensions, US–China trade optimism, and plans to refill US strategic petroleum reserves.

Q2: What are the Brent and WTI crude prices today?
A2: Brent crude reached $62.21 per barrel, and WTI crude hit $58.12 per barrel as of Wednesday morning.