Commodity Market Report
Global product markets weekly: Further weakness in the Atlantic basin
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Report summary
The oil market rose further last week, as the start of the Covid-19 vaccination program became imminent and OPEC+ resolved their differences to agree a 500,000 kb/d supply increase in January. The North Sea Dated weekly average rose by US$1.41/bbl to US$47.66/bbl, the highest since the first week of March. However, the short-term outlook for oil demand in the western hemisphere remains at further risk, as lockdown restrictions remained in many countries, and US restrictions are expected to tighten further in the weeks ahead as coronavirus cases continue to rise.
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