Oil Prices Rally Despite Bearish Backlash

Despite the re-emerging Covid 19 crisis in India, oil prices maintained momentum even as OPEC+ has decided to go ahead with previously agreed production hike plans. Oil prices have been surprisingly steady over the past week, despite serious doubts about the state of the demand recovery in India. Saudi Arabia, in particular, is expected to be cautious when it comes to additional production hikes. The markets have already priced in recovering jet fuel demand The group is now expected to bring back 350,000 bpd from OPEC+  and 250,000 bpd from…