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SCO - After A Difficult 2020 For Oil Could It Bounce Back In 2021?
ProShares UltraShort Bloomberg Crude Oil
The oil price has been seesawing between vaccine optimism and pandemic pessimism. Yet, it has managed a gradual recovery from its lows last year to around $50 a barrel now.
Consumption still hasn't recovered to a pre-pandemic level. Furthermore, it doesn't have any prospects of reaching the levels projected for 2021 global consumption this time last year.
The key to any rise in oil prices this year, even maintenance of the current level, will be how OPEC+ manages output.