WTI Crude Oil Starts the Week on a Positive Note: Markets Hope for Demand Uptick
WTI crude oil prices are on the rise at the start of a brand new trading week as markets turn hopeful about a pick-up in demand across the US during the summer season. At the time of writing, WTI crude oil is trading at around $59.30 per barrel.
With the COVID-19 vaccine rollout program going strong across the world’s largest energy consumers, traders are pinning their hopes that fuel demand will rise in the coming months, in time for the summer time when driving touches a peak in the country. So far, over 70 million people across the US have received both doses of the vaccine, and the nation looks on track to completely vaccinate all adults sooner than expected.
Even as markets turn hopeful about vaccine rollouts in the US, a decline in fresh coronavirus infections across Europe on the back of the latest lockdowns also offers hope that the situation is improving. However, prices are facing pressure from a spike in fresh cases across parts of Asia, most notably India.
While traders anticipate an improvement in oil demand as economic activities rebound, there is also a cautious undertone that is holding back gains as markets worry about a resurgence in cases upon reopening economies after lockdowns. Recent instances, especially across Europe that reopened after the second round of lockdowns only to be hit by the third wave of the pandemic are capping optimism among oil traders for now.
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