Oil rose on Wednesday, supported by strong demand for gasoline, but rising output from OPEC producers revived concerns about a persistent overhang of excess crude. Brent crude futures LCOc1 were up 21 cents at $49.05 a barrel by 1204 GMT, while U.S. West Texas Intermediate crude futures CLc1 were up 14 cents at $46.50 a barrel. While U.S. crude stocks rose by 1.6 million barrels to 497.2 million barrels in the week to July 14, gasoline stocks fell by a whopping 5.4 million barrels, the American Petroleum Institute said on Tuesday.

Oil prices steadied on Wednesday, supported by a drop in U.S. commercial crude inventories and the loss of storage capacity in Libya, but under pressure ahead of a meeting of OPEC exporters which may increase global production. U.S. crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to an American Petroleum Institute report on Tuesday. Click Read More below for additional information.

FedEx’s rate jump is an annual fixture in the parcel delivery world, and the upcoming hike mirrors the 5.9% increase it implemented in 2024 and 2025. Rival UPS levies similar price bumps each year, although the carrier hasn’t announced a 2026 increase as of Friday. The January price increase from FedEx comes as shippers grapple with heightened delivery costs due to surcharges and reduced discounting activity. The TD Cowen/AFS Freight Index reported in July that per-package ground delivery rates reached a record high in Q2 and are expected to remain elevated. Although FedEx is hiking various surcharges, the bump for additional handling and oversized shipping fees is much lower than it was in 2025, parcel analyst and LPF Spend Management founder Nate Skiver said on LinkedIn. For example, a weight-based additional handling surcharge for a Zone 2 shipment increased by $9 to $43.50 in FedEx’s previous annual rate hike. That fee will increase by $2.50 to $46 in 2026.