A remarkable oil rally has seen oil prices climb almost 34 percent so far this year. Bullish sentiment is now driving speculation of $100 oil in 2021 as collective confidence of a rebound in global economic activity gains momentum. However, there are plenty of bearish factors that remain in oil markets that analysts would do well not to overlook. Chinese refiners have already started to tap into their reserves, threatening to hurt demand from the world’s largest oil importer. Geopolitically, the possibility of sanctions on Iran’s oil industry being lifted could lead to a new flood of supply while tensions between China and the U.S. could reignite a trade war between the two. Finally, as oil prices rise we may see U.S. shale production inch up, adding to global supply. While there is plenty to be bullish about in oil markets, calls for $100 oil are premature, to say […]