Brent oil price trading around $76, up three percent

Brent oil prices are trading up around three percent on Wednesday, near the $76 mark after posting its biggest percentage gain in four months a day earlier, as rising crude inventories in the US damped optimism of a demand recovery. London ICE Brent crude oil futures are currently trading around $75.70 a barrel.

“The US is still showing weak demand figures,” said Stefan Graber, a commodities analyst with Credit Suisse in Singapore. “If we see new disappointing numbers, we could see the price increase slow down,” he added, referring to government oil inventory and demand data to be published later on Wednesday.

“The US is still showing weak demand figures,” said Stefan Graber, a commodities analyst with Credit Suisse in Singapore. “If we see new disappointing numbers, we could see the price increase slow down,” he added, referring to government oil inventory and demand data to be published later on Wednesday.

“If we see overall oil demand in the US improve, and that oil product inventories are being worked off, that would be a positive signal for the market,” Graber said.

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