Oil Rallies Despite Bearish Demand Forecasts

COVID Market Update Oil prices perked up this week, buoyed by both OPEC developments and Hurricane Sally. That is despite BP’s pessimistic 2020 edition of its annual outlook that suggests we have already seen peak oil demand. This is startling given BP’s 2019 outlook that suggested oil demand would continue to rise for more than a decade. Undeterred by the news–or perhaps not persuaded by BP’s assessment–oil prices reclaimed lost ground, with WTI topping more than $41 per barrel. Citigroup’s forecast sees oil prices reaching…