Last week, oil prices fell back as the demand outlook in Asia deteriorated. However, assuming that the latest virus outbreaks are contained before too long, strategists at Capital Economics remain relatively optimistic on the global oil demand outlook, and expect prices to reverse course before long and rise in the months ahead.
The OPEC+ meeting on Wednesday is a key event
“We still think that global demand will boom in the coming quarters, led by theUS. The progressive easing of quarantine measures there should continue to lift travel mobility and demand for products, such as gasoline.”
“We don’t expect OPEC+ to make any major changes to production quotas given that oil prices are only slightly above their level at the previous meeting and the demandoutlookappears broadly similar.”
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