Oil prices edged higher on Wednesday, continuing gains from the previous session, fueled by strong economic growth data from the United States. The upward trend reflects growing market optimism.
Brent crude futures rose by four cents, or 0.06 percent, to reach $62.42 a barrel. West Texas Intermediate (WTI) crude also saw an increase, climbing three cents, or 0.05 percent, to $58.41 a barrel.
The gains build upon a strong start to the week. On Monday, oil prices surged by over two percent, with Brent recording its largest daily gain in two months and WTI experiencing its biggest rise since November 14th. Prices continued their upward trajectory on Tuesday, increasing by more than 0.5 percent.
Contributing to the positive sentiment, the US Bureau of Economic Analysis, under the Department of Commerce, released its initial estimates for the third-quarter GDP. The report, published Tuesday, indicated that the US economy grew at a faster pace than initially anticipated, driven primarily by robust consumer spending.
Analysts suggest that continued positive economic data from major economies will likely sustain upward pressure on oil prices in the near term. However, potential supply increases and geopolitical factors could introduce volatility into the market.
DZWatch will continue to monitor market trends and provide updates as they develop.
