Crude Oil Prices Ease as Economic Growth Concerns Persist; Seasonal Demand Tempers Decline

05:28 AM EDT, 07/16/2025 (MT Newswires) -- Crude oil prices edged lower on Wednesday amid concerns about global economic growth, but optimism about seasonal demand kept losses subdued.

Brent crude at last look traded 0.3% lower at US$68.52/barrel and West Texas Intermediate crude was down 0.2% to US$66.38/b.

Prices have oscillated in a tight range amid an increase in travel during the summer and concerns that U.S. tariffs will slow economic growth, Reuters said in a Wednesday report. Oil producers are looking to positive economic growth signals for the second half of the year and data from China showing consistent growth, the report said.

"Increased gasoline consumption, especially in the U.S. during the Fourth of July holiday period, has signalled robust fuel demand, helping offset bearish pressures from rising inventories and tariff concerns," Reuters quoted LSEG analysts as saying.

However, some analysts believe the steadying of crude markets can be attributed to a mild technical correction rather than a shift in fundamentals, Reuters said.

"Investors should monitor inflation and interest rate expectations in the United States as Trump's continued push for broader tariffs could be inflationary and could dampen fuel demand in the medium term," Reuters quoted Phillip Nova senior market analyst Priyanka Sachdeva as saying.

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