Oil prices kicked off the new week on a bullish trajectory, with spot contracts for light crude West Texas Intermediate (WTI) surging above $82 per barrel, marking a return to levels last observed in early November 2023. The surge in oil prices is propelled by tightened conditions in the global crude market, spurred by several factors. First, the U.S. announced its willingness to replenish its Strategic Petroleum Reserve (SPR), signaling increased demand. Additionally, Ukrainian drone strikes targeting Russian refineries over the weekend have disrupted the oil production of the world’s second-…
