FXStreet notes that oil prices fell back last week as the demand outlook in Asia deteriorated. However, assuming that the latest virus outbreaks are contained before too long, strategists at Capital Economics remain relatively optimistic on the global oil demand outlook and expect prices to reverse course before long and rise in the months ahead.

“We still think that global demand will boom in the coming quarters, led by the US. The progressive easing of quarantine measures there should continue to lift travel mobility and demand for products, such as gasoline.”

“We don’t expect OPEC+ to make any major changes to production quotas.”