WTI’s upside regains momentum in the European trades. Oil demand growth hopes amid easing lockdowns underpins. US-China tensions, US oil inventories and jobs data eyed. WTI (June futures on Nymex) caught a fresh bid-wave and spiked to a fresh session high of $25.67. The bulls, however, failed to capitalize on the move higher and remained below the monthly high of $26.08 reached in Asia earlier this Wednesday. At the press time, the US oil adds 2.65% to trade at 25.20, supported by the demand growth optimism amid re-opening of the major global economies following the coronavirus outbreak induced lockdowns. A pick up in business activity and lifting of the travel restrictions could likely boost the demand for oil and its products. Further, the supply-side concerns also seem to have eased a bit after the OPEC+ output cuts took effect from May 1. This has also led to a turnaround in the fundamentals and rendered positive for oil prices. Despite the renewed optimism, the bulls appear to lack vigor amid a higher-than-expected increase in the US crude inventories, as reported by the American Petroleum Institute (API) late Tuesday. The API data showed US crude stockpiles rose by 8.4 million barrels for the week ended May 1. Also, simmering US-China tensions on the trade front keep the sentiment somewhat undermined around the higher-yielding oil. Attention now turns towards the US jobs data and official US weekly Crude Stocks Change data due to be published by the Energy Information Administration (EIA) later in the NA session. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next FTSE MIB: Broader bearish outlook – Credit Suisse FX Street 2 years WTI’s upside regains momentum in the European trades. Oil demand growth hopes amid easing lockdowns underpins. US-China tensions, US oil inventories and jobs data eyed. WTI (June futures on Nymex) caught a fresh bid-wave and spiked to a fresh session high of $25.67. The bulls, however, failed to capitalize on the move higher and remained below the monthly high of $26.08 reached in Asia earlier this Wednesday. At the press time, the US oil adds 2.65% to trade at 25.20, supported by the demand growth optimism amid re-opening of the major global economies following the coronavirus outbreak induced lockdowns. A… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.