Oil prices steadied on Wednesday following a volatile trading session, as evidence of a tighter market tempered earlier losses. Futures for Brent crude hovered near $77 per barrel, showing resilience after initial declines sparked by fears of sluggish demand. Signs of decreasing stockpiles and ongoing supply constraints contributed to the recovery, reinforcing expectations of a more balanced market in the coming months.
Analysts pointed to OPEC’s production cuts and geopolitical disruptions as key factors supporting prices, even as concerns about global economic growth weigh on demand projections. The market’s reaction reflects the delicate balance between bullish supply trends and bearish macroeconomic signals, leaving traders focused on upcoming inventory reports and broader economic indicators.
