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 $60 per barrel by the end of next year, with oil demand not returning to 2019 levels until late 2021. At the same time, oil trader Vitol gave its bullish assessment that global oil stockpiles will continue to decline this year, while rival Trafigura is predicting a return to surplus. Hurricane Sally took more than 500,000 bpd offline this week, with more than 100 […]