Oil markets retained strength over the past week despite many bearish factors influencing the global economy. COVID-19 cases spiked in Europe leading to new lockdown measures in France and the UK. The 2 nd wave of COVID cases also spread to other European countries including Switzerland, Belgium, Italy are tightening measures to contain a 2 nd outbreak of the pandemic. The number of affected countries grow quickly as governments fail to implement strict measures. Yet, oil markets have remained somewhat optimistic as OPEC+ signalled that it could extend output cuts through 2021. Last week, the OPEC technical committee (JTC) already discussed the slowing global oil demand recovery. In telephone calls between the Crown Prince of Saudi Arabia and the Russian President, the need for sustained OPEC+ cooperation was emphasized by both leaders. Markets, in the meantime, priced in the possibility of an OPEC+ extension of current cuts in 2021, […]