NRGO - Oil bounces back from yesterday's plunge as traders buy the dip

Crude oil futures settle with a modest rebound, a day after the WTI benchmark plunged by the most in a single session since September.Yesterday's selloff, sparked by fears that rising cases of the coronavirus delta variant could damage demand for energy products, pushed oil ~7% lower and hit other riskier assets, but today "there are bottom pickers trying to get into this dip," Mizuho director of energy futures Bob Yawger said.Unless the delta variant "catches like a brushfire," the extra oil from the new OPEC+ production agreement is "going to be absorbed without killing crude prices," says CRFA energy analyst Stewart Glickman.The new WTI front-month contract (CL1:COM) for September crude closed +1.3% to $67.20/bbl, and September Brent (CO1:COM) finished +1.1% at $69.35/bbl.ETFs: [[XLE]], [[USO]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]]"A solid back-to-school season and diminished inventories mean prices over the rest of 2021 should remain well above average

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Oil bounces back from yesterday's plunge as traders buy the dip