Oil climbs back above $40

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Impressive rebound

The oil news flow this week has been relentlessly bearish. The EIA and OPEC reports both highlighted disappointing demand and a tip back into oversupply. There was also the BP outlook that was widely mischaracterized as predicting a peak in demand.

None of that matters today as risk trades pick up on hopes of low rates forever, more US government stimulus and a vaccine in April.

The November oil contract is up $1.54 to $40.09.

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