Oil prices rose during Wednesday's trading, supported by expectations of increased summer demand in the world's two largest economies, the United States and China.
Brent crude futures for September delivery rose 0.25%, or 17 cents, to $68.88, as of 8:00 a.m. Mecca time.
US Nymex crude futures for August delivery also rose 0.45%, or 29 cents, to $66.81.
According to Reuters calculations based on official data, Chinese refineries processed 15.15 million barrels per day (bpd) in June, an 8.8% increase from May and the highest rate since September 2023.
China, the world's largest importer of crude oil, recorded imports of 12.14 million bpd in June, the highest daily rate since August 2023, and a 7.1% increase from May.
Markets are awaiting the release of official weekly inventory data from the Energy Information Administration later today, after the American Petroleum Institute estimated that crude oil inventories rose by about 839,000 barrels during the week ending July 11
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