Brent crude rose slightly to $66.97, and WTI climbed to $62.86.
Gains were driven by a massive 6-million-barrel drawdown in U.S. inventories.
Analysts forecast a stronger demand outlook thanks to gasoline and jet fuel s
tock drops.
Gasoline inventories fell 2.7 million barrels, while jet fuel hit a four-week high since
2019.
Summer travel continues to keep energy consumption elevated in the U.S.
Ongoing geopolitical stress, particularly around sanctions on Russian o
il, remains a concern.
India continues sourcing discounted Russian oil amid higher Western tariffs.
These dynamics could influence refining margins and import costs domesticall
y.
Energy-linked equities may catch a tailwind from tightening global supply.
The energy market stays responsive to demand signals and geopolitical shif
ts.