WTI CRUDE OIL UPDATED

The global oil market is in flux once again. The bulls are fighting it out with the bears
as COVID lockdowns come into force around the world. Oil prices may have hit 10-month highs
on the back of extended production cuts from OPEC+ but black clouds have re-emerged on the horizon
as the majority of OECD markets appear to be struggling with a new strain of COVID.
The new strain was first identified in the UK but has now been reported in China, Japan,
and other major Asian markets. Optimism about short-term oil prices should be subdued as demand for fuels will undoubtedly take a hit as lockdowns continue. A potential new oil glut could be in the making for H1 2021 if exporters fail to keep their promises.