WTI reaches monthly high near $73.55 on supply concerns

• WTI posts gains for the fourth straight session on Friday in the European trading hours.
• Rebound in the US dollar exerts pressure on the higher level.
• Higher energy demand, supply constraint, and fall in US stockpiles favors WTI.

Crude oil continues to march higher and remains on track to jump around 2% weekly basis .The prices confides in a narrow trade range after posting strong gains in the overnight session. At the time of writing, WTI is trading at $73.36, up 0.29% for the day.

The rebound  in the US Dollar Index (DXY), which indicates the performance of the greenback against six major rivals, keeps the gain limited for the black gold for the time being. The US dollar was last seen trading at 93.15, up 0.13% for the day.

Crude oil prices march higher on the supply side concerns and growing fuel demand amid falling US crude stockpiles. The US Energy Information Administration (EIA) reported US crude inventories fell by 3.5 millions barrels to 414 million last week, the lowest level since October 2018.

Additionally, Oil companies in the US struggled to fully restore output to the eastern seaboard after two hurricanes damaged facilities on the Gulf coast. The Gulf of Mexico oil production fell almost 16% as the aftermath of double storms.

As for now, the US dollar dynamics continue to influence WTI prices.

WTI additional levels