Oil Demand Is Primed For A Major Recovery

Crude oil demand is likely to rebound next year following the promising news about a vaccine against the novel coronavirus, according to Fitch Ratings. In its latest Global Commodities Strategy report, the ratings agency noted the strong chances of a Covid-19 vaccine getting emergency approval soon as a major factor for the recovery in global oil demand. Fitch also noted plans by OPEC+ to extend its oil production control deal at current restriction levels. Initial plans by the cartel called for a cut of some 7.7 million bpd until the end of 2020,…