Oil Rises for 3rd Session

WTI crude futures climbed over 1.5% to $63.7 a barrel on Wednesday, marking a third straight gain as traders balanced geopolitics with economic signals.

Prices were already firm after US producer prices unexpectedly fell, boosting expectations of Fed rate cuts that could support demand.

Momentum accelerated when President Trump questioned Russia’s drone incursions into Polish airspace on social media, sparking short-covering amid speculation he may soon target Russian energy exports.

This follows reports Trump urged the EU to join him in imposing tariffs on China and India, major Russian crude buyers, to pressure Moscow into talks.

Also, Israel’s strike on Hamas leaders in Qatar revived Middle East tensions and added a geopolitical risk premium.

Still, gains were capped as US government data showed a larger-than-expected 3.9 million barrel crude inventory build, alongside higher product stocks, signaling waning summer demand and highlighting lingering supply-side headwinds.