WTI crude oil prices rise more than 1% on growing optimism in China market

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• WTI increased due to optimism for higher fuel demand during China’s holiday travel season.
• OPEC+ producer group’s planned supply cuts may tighten the oil market.
• WTI Price Analysis: Neutral to downward bias remains as oil dips below crucial EMAs.

In the mid-Monday North American session, WTI crude oil prices continued to climb, trading at $78.78 per barrel, marking a gain of 1.13%. The price has pierced the 20 and 50-day Exponential Moving Averages (EMAs), indicating bullish momentum, with buyers now setting their sights on the $80.00 per barrel mark.