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WTI crude oils prices are still at $91.45, an increase of 1.30% intraday, while consolidating Monday's Asian session loss of the first nine weeks.

While fears among the energy bulls may be the catalyst for the black metal's first weekly loss since multiple weeks, geopolitical noise around Russia and Ukraine joins OPEC+ supply worries to keep WTI buyers optimistic. It is worth noting that inflation worries and the Fed's rate hike talkters have added to the positive filters for energy prices.

Despite this, the West and Ukraine continue to hint at a Russian military attack on Ukraine. Moscow denies the claims. A witness to Reuters recently stated that an "explosion" was heard in Donetsk, eastern Ukraine. It is worth noting, however, that a diplomatic meeting between Antony Blinken, US Secretary of State, and Sergei Lavrov, Russian Foreign Minister, could provide the hope of witnessing a de-escalation in geopolitical fear. Therefore, the WTI bulls are cautious about the outcome of this key meeting.

The OPEC+ group of the Organization of the Petroleum Exporting Countries and its allies, led by Russia, is having trouble meeting the promises of an increase in output. Bruno Jean-Richard Itoua, President of OPEC, recently stated that oil supplies are not sufficient and blamed oil companies not investing enough.

Oil traders are at multi-month highs because of fears about Fed's quicker rate hikes and inflation woes. The latest risk-off mood is reflected in the downbeat US Treasury yields, and stock futures.

WTI crude oil traders will be keeping an eye on developments in Russia and Ukraine to get fresh inspiration ahead of the US-Russia key meeting later in the week. If tensions ease, there is a chance of oil prices dropping sharply.

Analyse technique

To limit WTI pullback, the 21-DMA is preceded by a monthly support level, respectively at $89.10 or $87.95. However, oil buyers remain optimistic that the price of 2022 will be renewed high at $94.00 due to a firmer RSI, as well as their ability to keep above key supports and strong fundamentals.