WTI bulls take a breather from the multi-week highs.
Easing lockdowns fuels hopes for oil demand pick up.
Major banks raise their oil-price forecast, eyes on API data.
Having reached the highest level in three weeks at $22.77 in early Europe, WTI (June futures on Nymex) eased slightly in the EU session, now consolidating the upsurge above the 22 handle.
The US oil, currently, rallies over 10% to trade 22.37, extending Monday’s upbeat momentum. The staggering recovery rally in the black gold can be mainly associated with the revival of the hopes of a pick-up in oil demand, as most major global economies veer towards easing of the lockdown measures and travel restrictions