Benchmark Crudes Look Grossly Oversold

On Monday, July 19, oil prices, breaking through landmark support levels, collapsed by more than 6% for the first time since March this year: the price of Brent fell by 6.2% to $ 68.16 per barrel, and the price of WTI fell by 6.7 % to $ 66.31 per barrel.

The market is fearful of the spread of the Delta coronavirus in the world and its possible consequence in the form of a slowdown in the growth of oil demand. Fears of oversupply are fueled by the strengthening dollar and the flight of investors from high-risk assets, including oil futures.

At just above $ 68 / bbl Brent and $ 66 / bbl WTI, benchmark crude oil looks heavily oversold and is correcting upward today, with Brent rising 0.7% and WTI 0.82% higher. Our forecast for today is Brent price of $ 68-69.5 per barrel.

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