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UBS: Oil Demand To Return To Pre-Covid Levels By Q1 2022

Crude oil demand will rebound to pre-pandemic levels by the first quarter of 2022, according to Wayne Gordon, executive director of commodities and forex at UBS Global Wealth Management. Speaking to Bloomberg this week, Gordon said the outlook for oil was quite bright even though, he added, we could see more production soon once OPEC settled their internal differences.

The analyst noted the latest drawdown in U.S. crude oil—and fuel—inventories reported yesterday, which signaled strengthening demand. Barring another flare-up in Covid-19…

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