Overview
- Brent traded around $61.50–$62.26 and WTI near $57.45–$58.16 early Wednesday, marking a second straight session of gains.
- Sanctions-related uncertainties and a postponed Trump–Putin summit lifted risk premiums, alongside pressure on Asian purchases of Russian crude and recent refinery disruptions in Russia.
- The U.S. Department of Energy moved to buy 1 million barrels for the Strategic Petroleum Reserve, and industry data pointed to crude, gasoline and distillate draws last week.
- U.S.–China engagement steadied sentiment as negotiators convene in Malaysia this week and President Trump signals a potential meeting with President Xi in South Korea next week.
- The bounce comes against a bearish setup highlighted by the IEA’s roughly 4 million bpd surplus projection for 2026, rising producer output, record crude on tankers and a Brent curve in contango.