WTI crude oil is on a bullish track at the beginning of a brand new trading week, climbing more than $1 higher on the back of rising expectations that the global economy could recover quickly and spur oil demand. At the time of writing, WTI crude oil is trading at around $62.38 per barrel.

The optimistic sentiment among oil traders was further bolstered by progress on the next fiscal stimulus package for the US, with President Biden’s proposed stimulus bill being cleared by the House of Representatives over the weekend. The bill was also passed by the Democrats in the Senate without support from Republican lawmakers, bringing the $1.9 trillion relief package closer to rollout.

Crude oil prices received a boost as traders hope for the next round of stimulus measures to further drive up the demand for oil in the world’s largest energy consumer. In addition, the US CDC unanimously recommended the use of Johnson & Johnson’s COVID-19 vaccine – a move that would drive faster vaccine distributions, which could help control the pandemic.

Positive economic data from Asia early on Monday has also helped aid the bullishness in crude oil, with Japan’s factory activity growing at the fastest pace seen in over two years during the month of February. Later this week, however, the mood in oil markets could turn cautious over the possibility of OPEC+ agreeing to increase crude output on the back of improving market conditions.