The red hot Oil market WTI prices surged for a second consecutive day on Monday pushing the commodity to a new multiyear high level. Even though the upward movement was not as strong as it was on Friday, the commodity traded above $93.50, making the case for a possible reach at higher grounds. On Tuesday, Oil traders could turn their attention to the weekly API Crude stocks figure to be released late in the US session. The previous figure stood at -2.025M barrels and if the new figure moves further into the negatives, then WTI prices could take on further support. On the contrary, if the indicator is to release a surplus we could see WTI prices making a correction lower. In the meantime, the Oil market continues to be driven by an increasing demand and a low supply levels. These circumstances seem to be continuously fueling WTI prices that have ascended for the past eight consecutive weeks. Even though some analysts view the developments over the Russian/Ukraine situation as key for the Oil market, it is in our opinion secondary, as Oil prices have been on the rise for most of the past year. Yet an escalation of the matter can possibly affect Oil prices thus caution is advised. Finally, Oil traders may also be monitoring developments in Vienna related to Iran's nuclear deal. Progress on the matter could add further optimism to the market, as Iran has the capacity to release fresh barrels to the global Oil supply. Furthermore, companies like #XOM Exxon Mobile and #CVX Chevron are trading nearby 52 week high prices benefiting from high Oil demand.