Browsing: oIL

Oil prices climbed in the global commodities market on Wednesday as a report shows a sharp decline in U.S. crude inventories. Chinese demand outlook remains negative, while the World Bank’s latest report indicates there will be an oil glut in 2025 and 2026.

The oil market rebounded on Tuesday following a strong bearish trend that plunged crude prices lower on Monday following Israel’s retaliatory attack on Iran at the weekend. While it is still not clear if and how Iran will retaliate, the market is clearly of the view that supply risks have eased for now, ING said in a note.