The Oil Market In Late 2020

The refusal to sharply increase oil output by the OPEC+ deal participants and the news of the launch of vaccinations against the coronavirus were positively received by the world oil market: on December 10, for the first time since March 2020, Brent crude futures rose above $50 per barrel. The risks threatening oil price recovery and market balancing have been the additional containment measures adopted in a number of countries in response to the “second wave” of the pandemic and the resulting demand shrinkage. The upward trend may be sustained by the start of mass-vaccination programs and the subsequent confirmation of their effectiveness, as well as the continued concerted actions by the OPEC+ participants