The oil market posted gains that gradually faded on Monday, July 26. Brent managed to add 0.54% to $73.86/bbl, while WTI ticked up 0.1% to $71.92/bbl.
The market has been swinging up and down on the back of conflicting reports. On the one hand, fears of a slowdown in oil demand growth due to the spread of new Covid variants persist, while on the other hand, American Airlines has sounded the alarm that further jet fuel shortages are expected across the country.
Crude futures have been trading slightly lower this morning, with Brent down 0.02% and WTI off 0.10%. Our Brent price forecast for today is in the range of $73.5-74.5/bbl.