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Brent stuck in $71-72/bbl range

Oil prices swung within a tight range on Tuesday, September 7, but closed on a downward trajectory. Brent shed 0.7% to $71.34/bbl, and WTI slipped 0.54% to $68.2/bbl.

The World Health Organization said that global Covid-19 infections have plateaued, that is, the number of new virus cases remains stable. However, market sentiment was apparently clouded by the WHO’s comment that the virus is here to stay with us and it will evolve like influenza pandemic viruses.

This morning the oil “swing” was back in motion, with Brent up 0.48%, hovering in the same price range of $71-72/bbl, and WTI 0.53% higher, also in rangebound trading. Our Brent price range for today is $71-72/bbl.

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