<!-- wp:shortcode --> [ihc-hide-content ihc_mb_type="show" ihc_mb_who="10,13,14,16,18,19" ihc_mb_template="1"] </div> Last week was very exciting in terms of the developments in oil markets. The bullish sentiment was challenged by the uncertainty over an increase in production by OPEC+ group. UAE was not willing to chime in for the production increases given some geopolitical issues in Yemen. However, as I said in <a href="https://oilprice.com/Energy/Oil-Prices/Why-Oil-Prices-Wont-Hit-100.html">my recent articles</a> the markets are experiencing an overrepresentation of good news as it is skewed towards bullishness. The recent developments caused a little correction but prices are once again headed north. It seems that there is a narrative-continuum where at one end is the rosy outlook for a global economic outlook and on the other end spread of Delta, and <a href="https://www.forbes.com/sites/brucelee/2021/07/10/lambda-variant-of-covid-19-coronavirus-is-spreading-what-you-need-to-know/?sh=fb5451463f28">now Lamba</a>, variant casting fears of return of lockdowns and another hit to global economy. Recently, the narrative has shifted towards the later end as prices slipped $1. International Energy Agency (IEA) is expected to release its monthly Oil Market Report (OMR) tomorrow (Tuesday, 13th July, 2021) and that may also change the current sentiment. Chinese recovery is slowing down and as highlighted in a previous blog they have already started to tap into their reserves instead of going for more oil given the increasing prices. Last week, finance ministers of the top 20 economies also warned that the process of global economic recovery that is afoot may become more wobbly as the new variants spread. A case in point is the UK, where cases are once again past 30,000 per day however, hospitalizations rates remain low. But the catch is that there is normally a lag of about 2-3 weeks until we start to see the impact of the rise in cases and hospitalization rates and death rates. <img class="aligncenter wp-image-2924 size-full" src="https://www.primaryvision.network/wp-content/uploads/2021/07/1-1.png" alt="" width="904" height="588" /> All in all, markets are at a crossroads right now: OPEC+ may meet again or may be not. The spread of the new variants and the performance of vaccines against them. What about the rising inflation levels? All of this, and many other factors, points towards the fact that the future looks uncertain as of today in terms of where the prices are headed. <div>[/ihc-hide-content] <!-- /wp:shortcode -->