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