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.