$40 Oil Isn’t Enough For Saudi Arabia

Despite the recommendation of the OPEC+ JMMC to ease the oil output cuts by 2 million bbl/d, oil markets maintained their bullish sentiment over the past week as Brent was trading above $43 while WTI was trading above $40. A surge in COVID-19 cases in several counties including the US, Spain, and Australia capped oil price gains.  Bullish figures from the EIA Markets were primarily supported by a continued withdrawal in commercial crude inventories which declined by 7.5 million barrels w/w to stand at 531.7 million barrels. Gasoline…