Global oil prices have rebounded strongly in the past two weeks as investors bet on an uptick in demand, as nations around the globe prepare for a gradual reopening for business. The national lockdowns imposed by governments to fight the spread of COVID-19 are likely to cause the biggest economic contractions in decades. “Many market participants believe there is light at the end of the tunnel [for oil prices]. But while the inflection point appears near, we would describe the current environment as the darkest hour just before the dawn. With oil inventories still increasing, crude oil prices remain vulnerable
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