WTI crude oil is starting the brand new trading week on a bullish mode, climbing to the highest level seen in over a month over expectations that the reopening of economies and cutting of production by leading suppliers will help stabilize markets in the coming weeks and months. At the time of writing, WTI crude oil is trading at around $30.64 per barrel.

There is also an air of cautious optimism among oil traders as June’s WTI contracts are set to expire by Tuesday, without falling into negative territory like the crash in futures that happened last month. With some countries looking at easing lockdowns and resuming economic activity, crude oil prices have been rising over hopes of an anticipated improvement in demand.

After Saudi Arabia and other OPEC nations committed to increasing supply cuts, crude oil prices received an additional boost over reports that oil producers in the US are also looking to curtail production. The rig count for oil and natural gas in the US remains at a record low for the second consecutive week.

Meanwhile, oil markets also trade optimistically over recent remarks from the Fed chairman Jerome Powell, who expressed hope that economic recovery could begin by the second half of the year as the pandemic comes under control. Powell hopes that the economy could start growing again by H2 2020 in case there is no second wave of infections across the US.