OIL prices have been stuck in a narrow range for the last six weeks and further upside looks limited amid rising supply as OPEC+ pares back its production cuts and demand sees an unexpected slowdown led by a resurgence in COVID-19 cases.
“Oil markets continue to find themselves in ‘No-Man’s Land’, not low enough to trigger production cuts but neither strong enough to pull barrels from storage,” Chris Midgley, Global Director of Analytics at S&P Global Platts Analytics, said.
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