Oil prices have tripled in nine months. Brent averaged just US$18/bbl last April, as demand collapsed and the market was swamped with crude. As the effects of the pandemic unfolded, the mood turned increasingly bearish. Ann-Louise Hittle, Head of Macro Oils, was among those who saw light at the end of the tunnel, anticipating that it wouldn’t last and that oil prices would stage a strong recovery inside 12 months. Brent’s recent move to over US$56/bbl prompted me to ask how she sees things developing from here. First, demand will continue to recover strongly through 2021. The bounce from the April low has been ... (full story)