# Oil rebounds as market seizes on discounted prices

> Oil rebounded after Monday's selloff of about 7%, which was driven by demand fears from rising COVID-19 cases. The market also reacted to an OPEC+ agreement to boost supply in coming months.

- Date: 2021-07-20 · published 2021-07-20T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/6360-oil-rebounds-as-market-seizes-on-discounted-prices
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A rebound from discounted levels suggests the bearish supply and demand shock has partly priced in, leaving crude and energy-linked feed costs less pressured.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-steadies-after-rout-rising-covid-19-cases-opec-supply-deal-2021-07-20/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.