There is plenty of bullish sentiment in oil markets despite fears of a second wave of COVID-19 cases and under compliance from some OPEC+ members. The second half of 2020 should see oil prices rise to $50 on the back of a global demand recovery and controlled cuts from OPEC+. Money managers reduced their net long positions last week, highlighting the downside risks in the near-term. Despite fears of a second wave of COVID-19, oil markets rebounded last week, showing signs of improving fundamentals as global supplies continue to tighten. On Friday, Brent closed at $42.19, up by 8.20 percent w/w , while WTI closed at $39.75, up by 9.03 percent w/w . Furthermore, the 1-2 month Brent spread flipped into backwardation for the first time since the third of March which is a major sign of tightening supplies resulting from OPEC+ cuts. Yet, it is expected that 500 […]