Oil prices rose on Monday and remained steady on Tuesday morning as markets are cautiously looking beyond the COVID-19 pandemic Chart of the Week The EIA forecasts U.S. oil production remaining flat through the end of 2021. Production topped out at 12.9 mb/d (on a monthly basis) in November 2019, before falling to 10 mb/d by May 2020. Production rebounded to 10.6 mb/d by August. But with global demand unable to rebound to pre-pandemic levels until 2022 at the earliest, U.S. production will be unable to increase dramatically. Market Movers Devon Energy (NYSE: DVN) was upgraded by two Wall Street banks. Goldman Sachs raised DVN to Buy, and Morgan Stanley raised it to Overweight. “Improving Permian well performance and lower operating/capital costs make the company more competitive,” Goldman’s Brian Singer says . ExxonMobil (NYSE: XOM) needs another $8 billion in debt financing to maintain its 2021 dividend, according to […]