Oil market optimism risks derailing its own recovery, with the recent rise in crude prices above $50/b possibly harming demand and incentivizing additional supply. Hopes that vaccines will revive the global economy, coupled with the OPEC+ decision to delay bringing back much of the extra 2 million b/d of oil planned for January, are supporting prices. Demand in key hubs India and China have also given the bulls something to latch on to. India appeared to turn the corner in October, with oil products demand up 2.5% year on year, ending seven straight months of decline. And China has been carrying the world’s oil consumption in recent months, with crude imports in November bouncing back from a six-month low the previous month. Dollar weakness has been a contributing factor, too, given a barrel of oil is priced in the US currency. Dated Brent, the physical benchmark used to price […]