Oil prices traded at six-week lows on Wednesday as the northern hemisphere gets into midsummer, with limited signs of fuel consumption recovery expected during this period.

On Wednesday, prices saw only a slight reprieve as prices snapped three straight sessions of declines as falling U.S. crude inventories and rising supply risks from wildfires in Canada lifted prices.

Brent crude futures for September rose 66 cents, or 0.8%, to $81.67 a barrel by 09:08 GMT. WTI crude for September rose 65 cents, or 0.8%, to $77.61 a barrel.

The broad sell-off was likely due to “diminishing hopes for a demand rebound and refiners acknowledging that the summer consumption rebound is not happening,” oil brokers said.

Prices fell to a six-week low on Tuesday, with Brent closing at its lowest since June 9 due to ceasefire talks between Israel and Hamas brokered by Egypt and Qatar.

Prices also fell on ongoing concerns that an economic slowdown in China, the world’s largest crude importer, will weaken global oil demand.

WTI lost 7% in the previous three sessions, while Brent fell nearly 5%.

WTI crude, gasoline and distillate inventories fell for a fourth straight week last week, reflecting stable demand in the world’s largest oil consumer, according to market sources citing the American Petroleum Institute (API).

Wildfires in Canada are also supporting prices, which are forcing some producers to curb production and threatening supply.

The market is approaching oversold territory, with fundamentals still likely to push prices higher from current levels for the rest of the third quarter.

API figures showed that crude oil inventories fell by 3.9 million barrels in the week ending July 19. Gasoline inventories fell by 2.8 million barrels and distillates fell by 1.5 million barrels.

This would mark the fourth consecutive week that crude oil inventories in the U.S. have fallen since September 2023.

Official government data on oil inventory data is expected to be released on Wednesday.