Oil Prices Reach Interim Recovery Stage

Oil Prices Reach Interim Recovery Stage
(Yves Herman, Pool Photo via AP)

Oil prices have now reached an interim stage of recovery.

That’s according to Rystad Energy’s Head of Oil Markets Bjornar Tonhaugen, who outlined that prices will fluctuate around the $40 mark “for a while” and that “huge deviations” would not be likely.

Further gains to levels of $45-50 would not be justified at this stage as there are still valid concerns on the demand side, Tonhaugen highlighted.

“The pandemic has not disappeared, it’s tiring for many to refer to Covid-19 again and again, but the reality demands it,” Tonhaugen said in a statement sent to Rigzone on Monday.

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