Oil prices gained ground as key stabilizers in the crude market show signs of weakening. According to analysis from CBA, China's crude oil imports are edging higher, signaling potential demand strength from the world's largest importer. Simultaneously, non-OPEC+ supply growth outside the Middle East is not expected to materialize until 2027, tightening the medium-term supply outlook.

These factors combined to push prices higher, reflecting a market increasingly sensitive to shifts in both demand dynamics and future supply constraints.