July 17, 2025 | New York/London
Oil prices edged higher on Wednesday, July 17, following a three-session losing streak, buoyed by a sharper-than-expected decline in U.S. crude inventories, according to trading data and industry reports.
Brent crude futures for September delivery rose by $0.26 (0.36%) to $68.77 per barrel on the ICE Futures exchange in London. Meanwhile, August West Texas Intermediate (WTI) crude gained $0.38 (0.57%), reaching $66.76 per barrel on the New York Mercantile Exchange (NYMEX).
The uptick in prices comes in response to new data from the U.S. Department of Energy, which reported that commercial crude oil stockpiles fell by 3.86 million barrels last week, far exceeding analysts’ expectations of a 1.8 million barrel drop, according to figures cited by Trading Economics.
However, the bullish crude data was partially offset by a significant build in refined product inventories. Gasoline reserves jumped by 3.4 million barrels, while distillate stocks rose by 4.2 million barrels, reflecting potentially slower-than-expected fuel demand in the U.S. market.
Market analysts say the conflicting inventory trends could lead to continued volatility in oil prices, particularly as concerns persist over global economic growth and fuel consumption patterns amid ongoing geopolitical tensions and shifting interest rate expectations.
