WTI reclaims $104.00 on positive market sentiment

WTI crude oil is advancing during the week and is erasing last week’s losses, gaining almost 7%. Crude also benefits from the increased the appetite for more energy which remained below $100 for three successive days.

WTI rallied sharply on Tuesday, almost 2% amidst an upbeat market mood, despite Monday’s Apple news that will halt hiring, viewed by investors as recession fears increasing amongst US companies.

However, investors shrugged off those worries and are lifting US crude oil prices. At the time of writing, WTI is trading at $104.08 BPD.

Investors’ sentiment remains positive as US equities rise. A softer US Dollar and supply fears due to the Russian oil embargo bolstered the black gold. Oil markets have been trading volatile in recent weeks, as fears of a worldwide recession would diminish demand, but also weighed by a strong US Dollar.

US President Joe Biden’s visit to Saudi Arabia did not result as expected. Saudi ministers insisted that policy decisions would be taken according to supply and demand and within the OPEC+ members’ agreements.

Power outage at a pump station in South Dakota disrupted oil delivery from Canada to the US -via the Keystone pipeline-and propelled traders to bid up WTI price.