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…