West Texas Intermediate (WTI) US Crude Oil continued a determined recovery to kick off the trading week, with WTI bids crossing $77.50 per barrel and setting a fresh June high as energy traders pile back into fresh bullish bets of a flood of demand sopping up oversupplied Crude Oil markets.
WTI added $2.50 per barrel on Monday as energy markets pile back in. Crude Oil markets are hoping for a surge in summer gasoline demand. Fresh week-on-week barrel counts from API and EIA will be watched closely. West Texas Intermediate US Crude Oil continued a determined recovery to kick off the trading week, with WTI bids crossing $77.50 per barrel and setting a fresh June high as energy traders pile back into fresh bullish bets of a flood of demand sopping up oversupplied Crude Oil markets.
+. and its consortium have been limiting output through 2023 and 2024 in an effort to stem the tide of global overcapacity, but crimped output limits have been hitting + nations in their government budgets, which rely on Crude Oil sales to balance their books. The planned phasing out of + caps in conjunction with an expected uptick in gasoline demand that has failed to materialize at several junctures has left Crude Oil markets battered. Energy traders are seeing renewed hopes of an uptick in fossil fuel usage as the US heads into the summer months on the back of summertime driving season and increased cooling demand.
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