Progress in vaccine development and expectations that OPEC+ will decide in less than two weeks to roll over the current cuts for three months instead of easing them from January 2021 give bulls hopes that the oil market will regain some semblance of a balance next year, pushing prices higher.

Currently, the general consensus among analysts and agencies is that oil prices will indeed see an upside in 2021 as above-average inventories will draw down with a global economic and oil demand recovery.

Several bullish signals in recent weeks have made oil market participants and analysts more optimistic about the oil market next year, despite the current second wave of COVID-19 infections sweeping across Europe and the world’s biggest petroleum consumer, the United States.

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Source: Oil Price