Oil prices have been stuck near $40 a barrel in the last four months as hopes for a smooth recovery in fuel demand faded with the reimposition of mobility curbs in the wake of rising coronavirus infections. The global economy has achieved only a weak recovery from the impact of the pandemic, and the global oil market remains under heavy pressure, particularly the market for jet fuel, as airlines struggle to survive their worst downturn. Still, support came from OPEC+ as top world oil producers have been reducing production since May to prevent a new glut of crude.
