- WTI is down 49c to $65.12/Bbl, and Brent is down 44c to $68.78/Bbl
- Citi revises Brent price forecast as the bank expects a pickup in fracking activity
- The bank forecast brent averaging $69/Bbl in 2021, a $5 upward revision
- The bank also said Brent may hit $80/Bbl on aggressive OPEC+ policy
- Baker Hughes oil-directed rig count falls for the first time since November
- The Baker Hughes oil rig count lost one rig to bring the total rig count to 309
- One rig was added in the Permian basin, while the Willison basin lost one rig and the DJ-Niobrara basins remained unchanged
- Third COVID wave causes new restrictions in the European Union
- The COVID infection rate is now its highest since February, according to Bloomberg
- AEGIS notes while this may not have a significant impact on price immediately, if cases continue to rise we could see more travel restrictions possible dampening demand