- 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.
For further details see:
After A Difficult 2020 For Oil, Could It Bounce Back In 2021?