The November 2021 edition of our Commodity Market Outlook report focuses on crude oil, covering recent market developments and our pricing outlook over the coming year. As usual, we also provide an update on our latest views on broad commodity markets.

Crude oil prices have soared over the past year, benefiting from a tight market balance. Since August, however, the oil rally has become increasingly speculative, pushing prices above their ‘fair’ value for the first time in the pandemic:

Will oil prices continue to strengthen, or could the market experience a near-term correction? In this month’s edition, we explore the factors driving oil market dynamics, and discuss our oil price outlook for 2022.

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