FX.co ★ Crude Oil Rebounds Past $62

On Wednesday, WTI crude oil futures saw a significant resurgence, jumping over 4% to surpass $62 per barrel. This uptick was driven by diminished recession concerns and a more optimistic outlook for energy demand. The market's recovery was spurred by President Trump’s announcement to halt reciprocal tariffs on most countries for 90 days, which soothed investors and reignited interest in risk assets. Notably, China remains unaffected by this tariff suspension, facing increased tariffs of 125% due to its latest counteractions. Nevertheless, the easing of overall trade tensions bolstered confidence within commodity markets. Additionally, the latest report from the EIA indicated a larger-than-anticipated decrease in gasoline and distillate inventories, which helped counterbalance a slight rise in crude oil stockpiles. Furthermore, comments from OPEC+ representatives suggesting possible deferrals of planned production hikes eased worries about oversupply, further supporting the price recovery.