On Thursday, oil prices settled slightly higher due to factors such as lower U.S. crude inventories and strong crude imports by China. West Texas Intermediate (WTI) crude gained 28 cents, or 0.4%, to settle at $75.63 a barrel. Brent oil closed 24 cents higher to finish out the day at $79.70, a gain of 0.3%. China recorded its highest-ever imports of discounted Russian crude oil in June, marking a significant milestone in their trade relations.
Looking forward, traders are watching closely as the U.S. Federal Reserve is anticipated to increase its benchmark overnight interest rate by 25 basis points, bringing it to 5.25%. The Fed does not seem to be done with raising interest rates just yet – time will tell.