After a brief pullback, Brent crude rebounded toward $69 a barrel as reports of an imminent 15% tariff agreement between the U.S. and the EU improved market sentiment.
Traders also monitored fresh data from the U.S. Energy Information Administration showing a 3.2 million‑barrel decline in total U.S. crude stocks, even though inventories at the Cushing, Oklahoma hub increased for the third consecutive week. Diesel supplies rose slightly but remain very tight—at their lowest seasonal level since 1996—highlighting persistent demand pressure across refined products.