Could Oil Prices Hit $80 Per Barrel? ...Middle East

Despite the significant rally in oil over the past couple of weeks, demand uncertainty continues to affect prices. The outbreak of the second wave of a new Covid-19 strain in India has particularly left the markets concerned about fuel demand in the world’s 3rd largest oil consumer. According to Indian state-owned refiner, Bharat Petroleum, overall fuel demand in India is now estimated to have dropped by about 7% from pre-covid levels in April 2019. Furthermore, refineries have postponed maintenance plans, which has disrupted refinery…

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