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Oil Prices Stable as Demand Meets Economic Concerns

by Krystal

Oil prices remained largely unchanged, with Brent crude priced at $70.99 per barrel and WTI at $67.69 per barrel.

Brent crude saw a brief increase on Wednesday before losing some of those gains. Traders are weighing the strong near-term demand against broader economic uncertainties, according to Maria Agustina Patti of Exness.

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A larger-than-expected reduction in U.S. oil inventories indicated strong seasonal demand, while geopolitical risks are expected to offer additional support for prices, Patti noted.

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However, new trade tensions between the U.S. and the European Union over tariffs have raised concerns about a potential economic slowdown, which could reduce oil consumption, Patti added.

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Additionally, planned production increases from OPEC+ and weaker jet fuel demand are contributing to worries about a supply-demand imbalance.

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