WTI climbed back above $80.00 on Tuesday as bullish recovery continues. Hopes of a summertime uptick in demand are bolstering Crude Oil bets. Energy traders are shrugging off another barrel buildup in API Crude Oil barrel counts. West Texas Intermediate US Crude Oil broke decisively above $80.00 per barrel on Tuesday as barrel traders shrugged off another build-up in American Petroleum Institute Weekly Crude Oil Stocks.
Geopolitical turmoil continues to attack a fear premium to Crude Oil markets after a Ukranian drone strike successfully ignited a Russian fuel tank facility this week, and Israel-Palestinian tensions continue to simmer. Coupled with ambiguous hopes of a summertime uptick in demand, energy markets are shrugging off bearish factors, like US Crude Oil overproduction and disappointing Chinese demand figures last week.