Brent crude gained 1 cent to $68.63 a barrel by 0412 GMT. The U.S. crude contract for August delivery, which expires later on Tuesday, was up 15 cents at $66.57 a barrel. U.S. crude for September delivery was up around 9 cents at $66.44 a barrel.
The selloff on Brent yesterday was largely triggered by the threat of the increasing cases of the Delta variant of COVID-19, which has been proved to be much more transmissible through the population and has already been detected in over 100 countries so far. Although the vaccine rollouts are continuing at some pace, cases in key economies like the UK are increasing at an exponential rate but the rate of hospitalisation remains relatively low.
Risk-averse sentiment saw the US Dollar index rising to a 3-month high which also weighed on the commodity complex including crude oil. However, the crude oil physical market has been tight over recent months, with the ongoing economic recovery likely to remain supportive for oil demand over the second half of the year. The output increments from the OPEC+ will help ease the supply tightness somewhat for the rest of the year but may not be sufficient to fill the entire supply gap, according to the IEA estimates released earlier in the month.
OIL MARKET ROUND-UP:
* IEA Says OPEC+ Deal May Go Long Way to Filling 2021 Supply Gap
* WTI Prompt Spread Nears Contango Amid Market Selloff
* U.S. Gasoline Imports From Europe Rebound; Jet Fuel Flows Return
* OPEC+ Compromise Deal Still Favors Saudi Arabia and Russia
Rotterdam 3.5% INDIC
Aug21 366.25 / 368.25
Sep21 362.00 / 364.00
Oct21 358.25 / 360.25
Nov21 354.75 / 356.75
Dec21 351.75 / 353.75
Jan22 350.25 / 352.25
Q4-21 355.00 / 357.00
Q1-22 348.75 / 350.75
Q2-22 344.25 / 346.25
Q3-22 338.50 / 341.50
CAL22 340.00 / 343.00
Singapore 380 INDIC
Aug21 378.25 / 380.25
Sep21 375.25 / 377.25
Oct21 371.50 / 373.50
Nov21 369.00 / 371.00
Dec21 367.00 / 369.00
Jan22 365.25 / 367.25
Q4-21 369.00 / 371.00
Q1-22 364.00 / 366.00
Q2-22 360.25 / 362.25
Q3-22 355.50 / 358.50
CAL22 358.50 / 361.50
Rott VLSFO 0.5% INDIC
Aug21 477.25 / 482.25
Sep21 474.50 / 479.50
Oct21 472.00 / 477.00
Nov21 469.50 / 474.50
Dec21 467.00 / 472.00
Jan22 464.50 / 469.50
Q4-21 469.50 / 474.50
Q1-22 462.00 / 467.00
Q2-22 454.00 / 460.00
Q3-22 446.50 / 452.50
CAL22 450.25 / 456.25
Singapore VLSFO 0.5% INDIC
Aug21 496.75 / 501.75
Sep21 494.00 / 499.00
Oct21 491.25 / 496.25
Nov21 488.75 / 493.75
Dec21 486.25 / 491.25
Jan22 483.75 / 488.75
Q4-21 488.75 / 493.75
Q1-22 481.50 / 486.50
Q2-22 473.75 / 479.75
Q3-22 466.75 / 472.75
CAL22 470.25 / 476.25
Sing 10ppm GO INDIC
Aug21 74.53 / 74.67
Sep21 74.44 / 74.64
Oct21 74.27 / 74.47
Nov21 73.97 / 74.17
Dec21 73.66 / 73.86
Jan22 73.39 / 73.59
Q4-21 73.95 / 74.15
Q1-22 73.17 / 73.37
Q2-22 72.70 / 72.90
Q3-22 72.45 / 72.65
CAL22 72.47 / 72.87
Ice Gasoil Swap
Aug21 561.56 / 563.56
Sep21 562.47 / 564.47
Oct21 561.56 / 563.56
Nov21 559.00 / 561.00
Dec21 557.04 / 559.04
Jan22 555.86 / 557.86
Q4-21 559.20 / 561.20
Q1-22 554.90 / 556.90
Q2-22 550.56 / 552.56
Q3-22 550.77 / 552.77
CAL22 550.61 / 553.61
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