Oil Market Recovery: Bulls vs Bears

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Last week the IEA described the oil markets as ‘fragile.’ In contrast, the price of oil has soared back from all time lows (and negative pricing) to its pre-COVID levels. This week Peter and Jackie discuss the arguments of the bulls and the bears. The bears are focused on weak oil demand, slow vaccine roll outs and prolonged lockdowns. The bulls see beyond this near-term fragility to the demand recovery.Next, we consider the climate impacts of constraining North American oil production. Ratin...