Oil is rebounding along with the broader risk trade after the rout on Monday. It’s a big hole to climb out of but there is some momentum to the upside.

Goldman Sachs was out with a note yesterday that took down its Q3 brent average forecast to $75. The fourth quarter forecast is $80.

They had a look at the potential demand hit due to delta and said it points to a 1mbpd demand hit for ‘a couple months’. Meanwhile, they estimate that the market selloff implies 2mbpd hit for all of H2.