WTI Climbs to $69 After Monday’s Correction

Crude oil prices witnessed a deeper correction at the beginning of the week, and a barrel of West Texas Intermediate crude lost 2.4% on Monday after rising more than 7% last week. WTI reversed its trend, rising 2% to $65.85.

OPEC’s decision last week to keep production cuts through April led to a big spike in oil prices.

US Treasury Secretary Janet Yellen said on Monday that the coronavirus relief package is expected to lead to a very strong economic recovery in the United States, which has revived optimism about the future of energy demand.

The US House of Representatives is expected to vote on the $1.9 trillion stimulus package. After the Senate approved it last week.

Late in the US session, the American Petroleum Institute is due to publish a crude oil inventory report ahead of the release of crude oil inventory change data from the US Energy Information Administration on Wednesday.