Oil has staged a partial recovery this month after tumbling into a bear market at the end of November due to the emergence of the new Covid-19 variant.
The IEA expects global oil inventories to swell early next year as supplies remain plentiful with the Organization of Petroleum Exporting Countries and its allies ramping up output, some key consumers planning sales from strategic reserves, and record output in the U.S., Canada and Brazil next year.
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