Are Oil Bulls In For A Disappointing July?

The oil market continues to tighten, but the surge of coronavirus cases in the U.S. could derail the rally in crude prices.  OPEC+ can claim most of the credit for engineering an oil price rally, keeping upwards of 9.7 million barrels per day (mb/d) offline for several months. The one-month extension through July added to the effort, as did the improved compliance. “Although there is still the danger of demand outages in view of increased new cases of Covid-19, OPEC+ seems to have the market under control at the moment,” Commerzbank…