WTI crude futures rose to $78.5 per barrel on Monday, the highest in three months propelled by the promising outlook of tighter global supply and a surge in Chinese demand. Last Friday, United Arab Emirates Energy Minister Suhail al-Mazrouei expressed confidence in the efforts of OPEC+ to support the oil market, assuring that current actions are adequate, but remaining ready to take additional measures if required. China, amid a faltering post-pandemic recovery, is anticipated to introduce targeted stimulus measures to bolster its economic rebound, further bolstering sentiments in the market. Nevertheless, cautious reined ahead of crucial interest rate decisions from both the US Federal Reserve and the European Central Bank. Market expectations suggest that both central banks are likely to implement rate hikes this month, though traders have dialed back their expectations of further monetary tightening this year due to easing inflationary pressures.
