Crude oil prices moved higher on Wednesday as an EIA report indicated a draw in crude oil inventories and a surge in US gasoline demand to a three-and-a-half-year high.
WTI Crude Oil contract for August delivery closed up by $0.55 to settle at $64.92 per barrel.
August Brent Crude was last seen trading, up by $0.66 to $67.80.
The 12-day war between Israel and Iran which began on June 12th came to an end yesterday after US President Donald Trump stated that both countries have agreed for a ceasefire. Trump also gave a go-ahead for Iran to continue supplying crude oil to China.
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Market Analysis
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.