Global oil demand is recovering with major economies reopening amid a cautious supply approach from OPEC+ and restraint in U.S. shale, Barclays said on Friday. Despite the possibility of a return of Iranian oil supply and the resurgence of COVID in parts of Asia, global oil demand is “healing” and oil inventories are set to normalize over the next two to three months, the UK bank said in a note on Friday carried by Reuters . Barclays expects the global market to be in a deficit of around 1.5 million barrels per day (bpd) in the second half of this year. “Extended mobility restrictions in the region [Asia] might slow the demand recovery somewhat, but seem unlikely to stall it for a sustained period, given largely positive results of vaccination programs worldwide,” analysts at Barclays noted. The bank sees Brent Crude prices averaging $66 per barrel in 2021, while […]