Brent Gains After Three-Day Drop

Brent crude oil futures rose toward $69 per barrel on Wednesday, following a three-day decline, supported by progress in US trade talks that improved sentiment toward the demand outlook.

Recent announcements of trade deals involving major economies have boosted hopes for broader agreements with key US partners—including primary crude consumers—ahead of the August 1 deadline, easing some concerns that prolonged disputes could weigh on energy demand.

US Treasury Secretary Scott Bessent also said he will meet with Chinese officials next week, likely to extend the August 12 trade deadline.

The talks may also address broader issues, including China’s continued purchases of sanctioned oil from Russia and Iran.

Also supporting prices, US crude inventories fell by 0.6 million barrels last week, snapping a three-week streak of builds, although distillate stockpiles increased.

Traders now await official inventory data due later today.