On Wednesday, Morgan Stanley estimated that the global oil demand could take until the fourth quarter of 2021 to recover to the level seen in 2019. At the time, countries are likely gradually recovering their economic activities and performance after the crisis due to the coronavirus pandemic.
Morgan Stanley’s head of oil research Martijn Rats analyzed that the recovery of demand would likely be muted to some degree. Some structural changes to people’s behavior could probably be seen, he said.
The Wall Street bank expects benchmark U.S. oil prices to stabilize at around USD40/barrel and Brent crude prices would likely steady at around USD45/barrel in 2021.
