Crude oil prices traded slightly higher during the Asian session on Wednesday, reflecting continued market optimism over global demand despite ongoing macroeconomic uncertainties.
West Texas Intermediate (WTI) crude futures for August delivery rose by 0.18%, trading at USD 68.21 per barrel on the New York Mercantile Exchange (NYMEX). The contract previously reached its session high, with current technical levels suggesting support at USD 65.40 and resistance at USD 68.91.
At the same time, the U.S. Dollar Index futures — which tracks the greenback’s performance against a basket of six major currencies — gained 0.18% and was last seen trading at USD 97.35. While a stronger dollar typically weighs on oil prices, current market sentiment remains relatively bullish, supported by near-term demand recovery expectations.
Meanwhile, Brent crude oil futures for September delivery also edged higher by 0.17%, trading at USD 70.03 per barrel on the ICE Futures Exchange. The spread between Brent and WTI stood at USD 1.82 per barrel, indicating balanced dynamics between global supply and U.S. regional market movements.
The rebound in crude prices suggests that the market continues to anticipate a gradual recovery in global economic activity, supported by stabilizing supply chains and improving consumption trends.