Oil demand set to rebound in 2021

Saturday, 21 November 2020 - 15:19

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Oil prices are set to rebound in 2021 as optimism grows around a Covid-19 vaccine and OPEC looks to extend its production cuts.

The Brent Crude price stands at 44.45 US dollars per barrel while the US benchmark WTI Crude was priced at 41.78 USD.

While oil demand in Europe and the United States continues to disappoint, refiners in Asia are racing to procure crude from around the world, giving the oil market some hope that at least in one region, demand is strengthening in the fourth quarter.