Crude oil and refined product futures were up near midday Thursday, building on Wednesday’s gains that followed the release of government data showing large draws last week in U.S. oil and gasoline stocks.

The NYMEX October West Texas Intermediate contract was up by 55cts to $63.25 at 11:50 a.m. ET and the November WTI contract was 60cts higher at $62.90/bbl.

The ICE October Brent contract was also up by 60cts to $67.40/bbl and November Brent was 65cts higher at $66.95/bbl.

Both oil benchmarks are on track to settle higher for a second straight day. The more-active NYMEX October RBOB contract was up 2.55cts to $1.9845/gal and September RBOB added 2.5cts to $2.1535/gal. The NYMEX October ULSD contract was up 4.8cts to $2.321/gal and September ULSD was 4.65cts higher at $2.326/gal.Recent price gains have come as optimism over a deal to end Russia’s war against Ukraine has waned.

Russia on Wednesday said attempts led by the U.S. and other Western governments to resolve security issues about Ukraine without Moscow’s participation were a “road to nowhere.”

Futures had come under some recent pressure following President Trump’s Friday summit with Russian President Vladimir Putin. A ceasefire agreement could allow Russia to increase its exports of crude and refined products.

Energy investors were also encouraged by a new trade framework between the U.S. and the European Union. The pact, however, will maintain U.S. tariffs on automobile imports from the EU at 27.5% until the bloc introduces laws cutting levies on most U.S. goods.

In the U.S. cash refined product markets, Chicago gasoline and ULSD prices were up by about 6cts Thursday on lingering supply worries after BP on Monday reported flooding at its 440,000 b/d Whiting, Ind., refinery. Most other cash products mirrored movements in NYMEX futures.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

–Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com

(END) Dow Jones Newswires

08-21-25 1243ET