The unchanged physical tightness in oil markets, which can be seen from backwardation, combined with French President Macron highlighting the lack of spare production capacity of Middle Eastern oil producers stoked bullish sentiment.
With Libya potentially losing another 300,000 b/d of its production/exports in the coming days, a jump above $120 per barrel later this week is very much on the cards.
Following the introduction of China's groundbreaking DeepSeek technology, Wall Street giants have revised their investment outlooks for the Chinese market.