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Investors are finding oil and other risk assets increasingly attractive, as interest rate hikes are either at their peak or nearing it and this is directly reflected in this week’s price rally
Oil prices held strong this week as traders cautiously turned more optimistic on crude futures despite concerns of a weaker demand outlook
As markets are slowly tightening, investor confidence in crude oil has been revitalized, leading to increased investments, particularly in petroleum futures and options contracts
The Bank of England's bigger-than-expected rate hike raised concerns about the economy and fuel demand and forced WTI crude prices significantly lower on Thursday.
Crude prices recouped losses on Thursday and continue to gain on Friday as traders see improving U.S. crack spreads and an increase in refinery runs in China as bullish news.