Oil up on Wednesday

Oil prices edged up after their severe drop in over a year, with Brent nearing $78 per barrel and WTI above $74. The market awaits China’s fiscal policy briefing on Saturday, aimed at supporting growth amid economic concerns.

On the other hand, Morgan Stanley raised its Brent forecast to $80 for Q4, though it warned of a potential supply surplus in 2025. In the US, crude stockpiles rose by 11 million barrels, while gasoline and distillates fell.

Attribution: Bloomberg

Subediting: M. S. Salama