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Oil market is on the mend

Crude futures cautiously attempted to correct upward on Tuesday, July 20, after a vicious sell-off on the first day of the week. As a result, Brent rose 0.45% to $68.47/bbl, and WTI jumped 0.6% to $66.70/bbl.

While oil prices were hammered by negativity over a surge in Delta variant Covid cases and catastrophic flooding in Europe and China on Monday, the market saw signs of a gradual recovery on Tuesday. The gains were likely triggered by news that the US Moderna vaccine was reported to be effective against the new Delta strain, according to the company’s statements.

Oil prices are on the rise today, with Brent currently up 0.8%, again exceeding $69/bbl, while WTI is trading 0.85% higher. Our Brent price forecast for today is in the range of $68.80-70.00/bbl.

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