Oil price recovery above $50 to be delayed

Oil price recovery above $50 to be delayed

Gulf countries face a challenging few months in balancing their economies with oil prices likely to remain under pressure and a price recovery above $50 per barrel not expected before the end of the year, Saxo Bank said on Wednesday.Ole Hansen, Saxo Bank's head of Commodity Strategy, said declining global energy demand affected by Covid-19 travel restrictions, rapidly mounting oil supplies in storage facilities and Saudi Arabia's reduction in its oil-exporting price are the key factors likely to keep the price of oil below $ 50/barrel until 2021."Crude oil has been trading in a fairly stable pattern in the low $ 40s since June, however we are seeing evidence in data from the physical market that there are risks emerging. Weak refinery margins, caused primarily by the excess of unwanted