Where Does Wall Street Think Oil Is Heading?

After a volatile week of reversals and re-reversals, oil prices have rebounded a bit again on Wednesday thanks to an overall risk-on theme returning to the markets after the Senate passed the crucial $1 trillion infrastructure spending bill. September WTI crude (CL1:COM) closed +2.7% to $68.29/bbl, while October Brent (CO1:COM) settled +2.3% to $70.63/bbl. The biggest challenge for oil markets has been the fast-spreading Covid-19 Delta variant hurting confidence about a global economic recovery, with market participants watching the rapidly swelling…