Oil touched to a session low of $75.37 and Brent crude future traded as low of $78.15 a price not seen since Oct first week. After a complete lockdown in the beginning of the year the demand rebound has been the key driver for the recovery in the Oil price recovery this year. Both Brent and WTI continued its downward correction for the fourth straight week of losses, which is the longest weekly losing streak since March 2020.

Oil hitting a seven-year high of $85.41 on October 25, 2021 and the correct is 11.5% from the recent high. In 2021 along Oil seen an hardening of price by 55% even after around 12 % correction.

In coming months analyst track closely the direction of Oil price in view of more structural issue like underinvestment and raising demand.