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Crude Oil Prices Racks Up Today Above 74 $ Per Barrel

WTI crude oil prices rose above $74 per barrel on Monday, rebounding further from three-week lows, underpinned by hopes of further demand recovery in China and the prospect of a less aggressive monetary tightening from the Federal Reserve.

Guo Shuqing, party secretary of the People’s Bank of China, said on Sunday that China’s economic growth will quickly rebound and return to its “normal” path as the government provides more financial support to households and private companies to help them recover from the Covid-induced slump.

Top hedge fund manager Pierre Andurand suggested that oil prices could exceed $140 a barrel this year if Asia fully reopens after Covid-related lockdowns, as reported by Bloomberg.

In the US, a slowdown in wage growth and a surprise contraction in services activity tempered expectations that the Fed will continue to hike rates aggressively, adding to the bullish case for oil.