WTI crude oil trimmed a part of its intraday gains to the highest level since March 8 and was last seen trading just above mid-$66.00s, up around 0.50% for the day. The commodity built on its recent strong rebound from the vicinity of the $63.00/barrel mark and gained traction for the third consecutive session on Tuesday. The momentum pushed spot prices to the $67.00 level and was sponsored by the easing of restrictions on economic activity in Western countries, including the US, UK and Europe.
The optimism helped offset concerns that fresh COVID-19 outbreaks and the imposition of new restrictive measures in some Asian countries could hinder fuel demand recovery. Apart from this, the prevalent US dollar selling bias was seen as another factor that acted as a tailwind for dollar-denominated commodities, including oil.