WTI marches towards $75.00 as China-linked demand hopes poke recession woes

• WTI remains on the front foot around intraday high.

• China reopening, PBOC’s Shuqing propel expectations of higher energy demand.

• US data trigger economic slowdown fears, weigh on the US Dollar.

• US, China inflation will be crucial for clear directions.

WTI grinds higher near the intraday top surrounding $74.70 as firmer sentiment jostles with economic slowdown concerns during early Monday. Even so, the softer US Dollar and a light calendar allow the black gold buyers to keep the reins, after Friday’s mixed performance.

That said, the risk profile remains firmer amid China’s reopening of the national borders after a three-year halt. On the same line were comments from Guo Shuqing, party secretary of the People’s Bank of China (PBOC).