Brent Crude spot prices are set to average $68.78 per barrel this year, the U.S. Energy Information Administration (EIA) said in its latest monthly outlook, significantly raising its oil price projections for both 2021 and 2022, expecting continued demand recovery.

Crude oil demand will rebound to pre-pandemic levels by the first quarter of 2022, according to Wayne Gordon, executive director of commodities and forex at UBS Global Wealth Management.

Way back in March, a veritable eternity ago if you measure by the daily news cycle, Oilprice reported that high oil prices were coming down the pike, and while oil execs celebrated their long, painful comeback, consumers would be the ones to pay the price at the pumps. And now, at long last, that prophecy is coming to pass in full force.

Oil prices fell for a third day in a row early on Thursday as uncertainty coming from the OPEC+ deadlock and fears of COVID variants spreading fast weighed on the market.

U.S. shale oil producers have suffered billions in losses from hedging their output at lower than current prices, the Financial Times reported today, citing data from IHS Markit.

After seven consecutive weeks of gains, oil prices have gone into reverse gear once again, thanks mainly to the latest OPEC+ spat that left everyone wondering what to expect next. Major cracks appeared in the ministerial meeting with the United Arab Emirates continuing to block an agreement because it wants to increase its oil production b​efore demand falls as per WSJ. The market fears that the UAE might "want out of OPEC so it can pump 4M bbl/day and make hay while the sun shines," Phil Flynn, market analyst at Price Futures Group, has told MarketWatch.

Crude oil prices rose higher today after the Energy Information Administration reported an inventory draw of 6.9 million barrels for the week to July 2.

At mid-year 2021 we find that we are in an unsettled state with respect to crude supplies. Of the three largest contributors to global supply, the U.S.A., Russia, and OPEC+ (Russia is the “+” in OPEC+), all capable of producing more than 10 mm BOPD, we find that it is OPEC+ in a bit of disarray. With the world now in deficit status with regard to oil production and demand by 2-3 mm BOEPD, there is little room for error.

Oil prices continued falling early on Wednesday, following the sharp losses incurred the previous day after the market started to assess what the OPEC+ deadlock would mean for immediate oil supply, supply-demand balances, and the future of the alliance.

As oil prices have rallied more than 40 percent this year, analysts and institutional investors have grown increasingly bullish on oil stocks, which, many believe, are still undervalued and primed for further upside.

Saudi Aramco has raised the August official selling prices of crude to Asia, as the oil market tightens, sparking fears of another oil price war and prompting the Biden administration to call on OPEC to settle its internal differences and start bringing more oil to markets, Bloomberg has reported, citing administration insiders.

The U.S. benchmark oil price WTI Crude hit its highest level since November 2014 early on Tuesday, after OPEC+ on Monday called off its third attempt to reach an agreement over oil policy management for the coming months.