The worst for oil is over, but the road to recovery will be long and windy, Bloomberg’s Javier Blas tweeted , citing Morgan Stanley analysts. According to them, April was the worst month for oil demand, which from now on will begin to recover, albeit slowly. Oil inventories will continue to rise, however, which suggests it will be a while before oil prices could post any palpable improvement. Because of this, the Morgan analysts kept their price forecasts unchanged, with Brent seen at $35 a barrel in the fourth quarter of the year, up from $25 during the current quarter. Last week, Morgan Stanley’s analysts warned that oil demand was unlikely to return to pre-crisis levels until the end of 2021. “The demand recovery will be somewhat muted, and we could see some structural changes to people’s behaviour,” Martijn Rats, head of oil research at the investment bank, said. […]