The general optimism seen on markets is giving further fuel to the rally in oil. There is growing confidence of a swift economic recovery after the Covid19 shock, sustained by central banks’ hyper expansive monetary policies, while the number of new coronavirus infections starts to slow down in many countries.
WTI price (July expiry) is playing with the level of $38 a barrel, while prices are in the middle of the gap left open in March, when a deal between OPEC+ was not reached and coronavirus lockdown started in Italy and other countries, causing a temporary collapse in demand.
