Saxo Bank: Oil Unlikely To Return Above $50 By Year-End

The faltering oil demand recovery and the lack of a COVID-19 vaccine will likely push the oil price recovery to $50 a barrel into 2021, as inventories continue to pile up in 2020 amid weak refinery margins and demand, according to Saxo Bank. “Crude oil has been trading in a fairly stable pattern in the low $40s since June, however, we are seeing evidence in data from the physical market that there are risks emerging. Weak refinery margins, caused primarily by the excess of unwanted diesel and jet fuel, are leading to storage facilities rapidly…