Oil prices rebound as global supply risks mount
Oil prices bounced back on Wednesday, with Brent crude close to $61 and US WTI at about $57.
After hitting a five-month low earlier this week, the rebound comes as global supply risks pile up—think delayed US-Russia talks, Western pressure on Asian buying of Russian oil, and risk of supply disruption in places like Venezuela and the Middle East.
US to buy oil for Strategic Petroleum Reserve
The US Department of Energy is set to buy 1 million barrels for its Strategic Petroleum Reserve, hoping to grab cheap oil while it lasts.
Meanwhile, American fuel supplies dropped last week.
US-China trade talks, Trump-Xi meeting could impact energy demand
Investors are watching upcoming US-China trade talks in Malaysia and a planned Trump-Xi meeting in South Korea that could shake up energy demand worldwide.
With so many global tensions and shifting policies, it's no wonder oil prices—and economic stability—are feeling the heat right now.