Oil prices climb for fourth day as Brent nears three-week high

Oil prices extended their winning streak for a fourth consecutive session on Wednesday, 19 August, as both major global benchmarks approached three-week highs during Asian trading hours. Benchmark performance and pricing Brent crude rose by 26 cents, or approximately 0.3%, to reach $91.28 a barrel. Simultaneously, West Texas Intermediate (WTI) crude climbed 37 cents, or 0.4%, to trade at $85.31. The price movement follows a strong performance on Tuesday, 18 August, when both contracts settled at their highest levels since 24 July. The current price action marks a recovery phase for energy markets, with Brent consistently holding above the $90 threshold. This four-day rally is the longest sustained period of growth for the commodity in the current quarter, effectively erasing losses recorded in early August. Market drivers and outlook The sustained price increase is being driven by tightening physical supply and market expectations regarding global demand cycles. The rally gained momentum after Tuesday's closing data confirmed that prices had broken through technical resistance levels not seen since late July. This update follows official trade data from Singapore and international energy markets released on Wednesday morning. Market participants are now monitoring upcoming inventory data and production signals from OPEC+ members. If the current trajectory continues, traders expect WTI to test the $86 resistance level, while Brent remains anchored by strong demand in Asian…