WTI prolongs its upward trajectory on Monday and climbs to a fresh YTD peak. Concerns about tightening global supply continue to benefit the commodity. Hawkish Fed expectations might keep a lid on any further appreciating move. West Texas Intermediate US Crude Oil prices build on last week's strong gains of nearly 4% and gain some follow-through positive traction on Monday. The momentum lifts the black liquid to the $81.45-$81.
It, however, remains to be seen if bulls can maintain their dominant position or opt to take some profits off the table amid expectations that the Federal Reserve will keep interest rates higher for longer, which might hamper economic activity and dent fuel demand. Nevertheless, the aforementioned fundamental backdrop favours bullish traders and suggests that the path of least resistance for Crude Oil prices remains to the upside.
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