Oil: At the crossroads of supply and demand

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Oil: At the crossroads of supply and demand

By Erik Norland, Senior Economist, CME Group

Oil: Supply-Demand Dynamics as Vaccines Emerge

  • Growth in US, Europe, and Japan lag pre-pandemic levels; China improves.
  • Oil demand could rebound as vaccines become available, boost travel.
  • Fiscal support is needed to bolster consumer spending in 2021.
  • Could escalating COVID-19 cases pressure oil prices in the short term?
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Can Supply Keep Pace With Any Demand Spike in 2021?

  • Q4 growth could be affected by rise in COVID-19 cases.
  • Vaccine could boost 2021 oil demand as travel picks up.
  • Can oil supply keep pace with any increase in demand next year?
  • Fiscal stimulus is central to generating economic growth in 2021.
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