West Texas Intermediate (WTI) US Crude Oil rose briefly above $80.00 per barrel on Monday as risk appetite remains close to the surface, but topside momentum remains thin.
WTI briefly rose to $80.00 per barrel before falling back. US Crude Oil found its highest bids since the start of the month. Risk appetite struggles to push broad asset categories firmly higher. West Texas Intermediate US Crude Oil rose briefly above $80.00 per barrel on Monday as risk appetite remains close to the surface, but topside momentum remains thin. WTI fell back into range near $78.
A broadly-expected increase in Crude Oil markets from refineries has failed to materialize, meaning supply chains are at risk of getting overrun by production that continues to outpace overall demand. A lopsided number of refineries went offline for spring maintenance in 2024, and energy traders had been banking on an uptick in Crude Oil demand after those facilities came back online.
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