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Although the price of oil has rallied recently, there is still a lot of downed capacity in the industry as OPEC tentatively cuts production, and critical end-markets like the US are struggling to emerge into the new normal. Moreover, there are concerns about a second coronavirus wave as well as possible political surprises mainly from Russia, which analysts are pegging as another reason the rally could collapse. Although we are bullish on oil's eventual full recovery, we'd prefer to invest in integrated energy companies with more solid assets from a breakeven standpoint, thus