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UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
OPEC members have managed to implement massive production cuts since May, which proved to act as some support to the global oil market during a rather tough period, as demand has been under extreme pressure since the outbreak of COVID-19. The historic imbalance has been kept under control. The first signals of the market's stability became clearer since July, even if oil prices remained relatively low. But the recovery will require more time and still looks rather fragile. The scenario of a second wave of cases damaging oil demand further in Q4 2020 and potentially