Oil prices will remain somewhat sluggish as the world economy does not really want to take off again. Conveniently, COVID is here to be pinned the blame onto. And it has some part in this but it’s not close to being the major culprit. We are still feeling from the consequences of the 2008 financial crisis – in fact, we have made it far worse by helicoptering untold amounts of cash onto all economies. This has allowed the old problems to grow gargantuan and destroy whatever sanity there was in the economy. We should have let everything crash and burn in 2008 instead of saving the fat cats. By now, everything would be humming again and COVID could not kill it. Now it can. There is no escaping reality – if you do it snowballs behind you.
Oil markets look likely to lose their volatility in 2018, with analysts all but certain about the range within which oil will trade next year