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The Emirates News Agency reported that oil prices rose on Wednesday as U.S. crude inventories recorded a substantial decline, sending Brent futures up $3.30, or 3.9 percent, to settle at $87.39 a barrel. West Texas Intermediate crude for September delivery gained $3.24, or 4 percent, to $84.18 a barrel, the agency added in its dispatch. The gains came after a volatile session earlier in the week, with traders focusing on the latest supply indicators from the world’s largest oil consumer.
U.S. Energy Information Administration data placed the weekly crude inventory draw at 4.2 million barrels for the period ending late July, surpassing forecasts and contributing to the price rebound. The EIA report also showed a drop in gasoline stocks, which reinforced perceptions of tightening product supplies heading into the peak driving season. Such inventory movements have become a focal point for markets already sensitive to global developments.
A J.P. Morgan Global Research assessment found that Brent crude would average $86 per barrel in the third quarter of 2026, citing rebalancing effects from larger demand losses and smaller inventory draws than previously anticipated. The assessment noted that prices had traded in a wide range between $70 and $102 a barrel in recent months amid shifting expectations around Middle East supply. Geopolitical factors, including uncertainty over key shipping routes, continued to influence trader positioning according to the research.
The International Energy Agency has projected steady global oil demand growth through the remainder of the year, supported by consumption in Asia despite economic pressures in other regions. Agency figures show that OECD commercial inventories have declined less than expected in recent periods, altering the supply-demand balance. These broader trends provided context for the Wednesday uptick reported by the Emirates News Agency.
Analysts following the market have linked recent price movements to ongoing constraints in crude shipments through the Strait of Hormuz, which have kept supply tight since disruptions earlier in 2026. The U.S. Energy Information Administration estimated that roughly 0.6 million barrels per day of production could remain offline through the end of the year due to regional tensions. Market participants will monitor forthcoming economic releases for additional signals on demand strength.
Emirates News Agency coverage indicated that the Wednesday session reversed portions of prior losses, with both benchmarks posting solid gains by the close. The agency noted that trading volumes remained elevated as participants assessed the interplay between inventory data and geopolitical risks. Further updates on production levels from major exporters are expected in the coming days.
