That said, the recently downbeat US data renew fears of a recession in the world’s largest economy and challenge the energy optimists. However, the upbeat prints of the US Nonfarm Payrolls (NFP) allowed the Fed hawks to return to the table and new calls for the 0.25% rate hike in May. The same puts a floor under the US Dollar prices and prods WTI crude oil buyers.

On the other hand, geopolitical fears surrounding China, mainly after the dragon nation’s military drills near Taiwan, join the last week’s surprise OPEC output cut to keep the Oil buyers hopeful.

Elsewhere, China’s readiness to defend the global economy via strong monetary and fiscal easing at home also allows the Oil buyers to remain hopeful amid optimism at the world’s biggest Oil consumers.

Moving on, the Easter Monday holidays in spot markets may restrict Oil moves but the bulls appear to run out of fuel and hence US inflation and Fed Minutes will be watched carefully for the signals of a pullback.