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Oil Bulls Drive Prices Higher On Vaccine Success
Bullish sentiment has once again taken over oil markets as news of a third highly-effective coronavirus vaccine drives hopes of a global demand recovery in 2021Chart of the Week - In August 2020, U.S. offshore production fell by the most on a monthly basis since September 2008, due to several hurricanes.- Offshore output fell by 453,000 bpd, or a decline of 27%.- Production fell to 1.2 mb/d for the month, a seven-year low.- EIA expects output to recover to nearly 1.92 mb/d…
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