Oil Prices Climb on Demand Surge, Gold Retreats Amid Dollar Strength

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2025-07-17 09:10:02

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Brent crude futures edged 0.39% higher to $68.79 per barrel, while WTI crude ROSE 0.47% to $66.69, recovering from prior session losses. The rally reflects tightening supplies as U.S. crude inventories plunged 3.9 million barrels—seven times deeper than forecasts—though gains were tempered by swelling diesel stockpiles.

Market sentiment found partial support in China's resilient Q2 growth, fueled by pre-tariff stockpiling. The world's second-largest economy reported an 8.5% annual surge in June crude output, signaling robust fuel demand. Meanwhile, the Federal Reserve's latest Beige Book noted expanding U.S. economic activity, albeit shadowed by tariff-induced price pressures.

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