“With the impasse resolved, and more crude returning to global supply, the question for the market is now simple, but difficult to answer. Will the increase in supply overwhelm the recovery in demand, leading to a lower crude price? The bullish narrative remains that the world economy is recovering from the coronavirus pandemic…The bearish narrative is that this process may be happening, but it isn’t happening fast enough and is unevenly spread. So far the evidence from crude oil demand appears to favor the bearish narrative, especially in the top oil-importing region of Asia.”