New Delhi: Global crude oil prices edged higher on Friday, buoyed by signs of strengthening demand in the US and renewed hopes of an economic stimulus in China—the world’s second-largest oil consumer.

At 8am (Indian time), the August Brent crude contract on the Intercontinental Exchange traded at $68.14 per barrel, up 0.61% from its previous close. The August West Texas Intermediate (WTI) contract on the NYMEX was at $65.67 a barrel, up 0.66%.

Data released Wednesday by the US Energy Information Administration (EIA) showed a sharp drawdown of 5.84 million barrels for the week ending June 20, bringing inventories to their lowest seasonal level in 11 years. Analysts viewed the decline as a clear sign of rising demand in the US.

Prices were also supported by optimism over policy stimulus in China. On Tuesday, Beijing unveiled a set of guidelines aimed at boosting domestic consumption through targeted financial measures. The policy framework—jointly issued by six ministries and the People’s Bank of China—called on financial institutions to improve credit access and services to stimulate both supply and demand-side consumption, support employment, and raise household incomes.

China is both the second-largest consumer and importer of crude oil globally.

However, crude prices remain lower on a weekly basis, as easing geopolitical tensions in the Middle East helped cool supply concerns. A ceasefire brokered earlier this week between Israel and Iran led to a retreat in prices, which had spiked following a US strike on three Iranian nuclear sites. After the ceasefire was announced by US President Donald Trump on Tuesday, prices dropped to levels last seen before Israel’s attack on 13 June.

The Indian crude basket, meanwhile, was priced at $68.12 per barrel on 25 June. For the month so far, the average stands at $69.98 per barrel—higher than May’s average of $64.04. The Indian basket reflects a weighted average of imported sour grades (Oman and Dubai) and sweet grades (Brent Dated), mirroring the typical crude mix processed by Indian refineries.