Oil Rallies On Promises Of Economic Stimulus
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Oil prices hit a four-month high on Tuesday as the promise of major stimulus packages in the EU and the U.S. counter-balanced an increase in COVID cases.Chart of the Week- U.S. liquid fuels consumption is expected to continue to rise in the second half of 2020, but will remain below pre-pandemic levels until August 2021, according to a new forecast from the EIA.- For the full year, the EIA sees gasoline demand averaging 8.3 mb/d, down 1 mb/d year-on-year, or a 10 percent decrease.- Still, the EIA’s…
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