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.