Oil prices rose for the second consecutive session, buoyed by fresh data suggesting a decline in U.S. crude stockpiles. Market optimism was fueled by reports indicating tighter supply conditions, with analysts pointing to robust demand and reduced inventories as key drivers. Brent crude advanced by 1.2%, while West Texas Intermediate posted a similar gain, signaling continued momentum in the energy markets.
The uptick follows speculation that seasonal refinery activity and export demand are depleting U.S. reserves faster than anticipated. This aligns with broader trends, as major producers remain cautious about output increases despite geopolitical uncertainties. The market remains alert to further inventory data, which could affirm expectations of a tighter supply-demand balance in the weeks ahead.
