A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERSA view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERSOil prices rose on Thursday, snapping a three-day losing streak and rebounding from 16-week lows on prospects of tighter sanctions on Russian crude, though expectations of higher supply from an OPEC+ output boost next month capped gains. "Buying interest emerged as WTI neared its $60 support level, while heightened geopolitical risks and speculation about tighter sanctions on Russian crude also lent support," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. The Energy Information Administration said on Wednesday that US crude oil, gasoline and distillate inventories rose last week as refining activity and demand softened.
