Recovering Demand Sparks Optimism In Oil Markets

U.S. West Texas Intermediate crude oil futures finished higher this week following some friendly news from OPEC+ on Thursday. The market was poised to finish the week lower until OPEC and its allies made an announcement that may have shook a few of the weaker shorts out of their positions. Up until then, the catalysts weighing on prices were the restarting of traffic on the Suez Canal after a huge ship blocking the landmark was freed earlier in the week, mixed U.S. inventories data, a stronger U.S. Dollar, fear of increasing supply from Iran and…