WTI trades with positive bias around mid-$71.00s, just below over one-week top

• WTI holds steady amid hopes for a demand recovery in China and Middle East tensions.
• A larger-than-expected rise in US crude stock caps the commodity amid a bullish USD.
• Traders now look forward to the official US inventory data for short-term opportunities.

West Texas Intermediate (WTI) US Crude Oil prices trade with a positive bias for the third successive day on Wednesday and placed around mid-$71.00s during the Asian session. The commodity remains close to over a one-week high touched on Tuesday amid hopes for improving demand from China and geopolitical risks stemming from the ongoing conflicts in the Middle East. 

Investors remain hopeful that China’s massive stimulus measures announced recently will ignite a lasting recovery in the world’s second-largest economy and boost fuel consumption in the world’s largest crude-importing nation. Moreover, concerns that a further escalation in the Middle East conflict could impact supply in the key oil-producing region and tighten market balances in the months ahead. This turns out to be key factors lending support to Crude Oil prices.