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“The planned easing of OPEC+ production cuts next month and a potential rebound in U.S. production could add pressure on the supply side of the equation,” Stephen Innes, chief global markets strategist at AxiCorp warned in a note.
Oil was up more than 2% on Friday after the International Energy Agency revised its 2020 oil demand upwards by 400,000 barrels per day. However, a worsening COVID-19 situation globally on top of the upcoming OPEC meeting saw the black liquid reverse Friday’s gains.