Oil prices are forging new contract highs amid continued optimism surrounding a rebound in global demand. Forecast from the IEA have noted that OPEC+ will need to raise output in the coming year order to compensate for the increase in demand prospects with OPEC+ stating oil demand would rise by 6.6% this year. Oil stocks declined more than expected with the US refinery rate jumping to 91.3%, suggesting an increase in product supply. This comes amid India indicating their intention to enhance their refinery activity by nearly 90% in the coming weeks. Oil remains bullish trend as oil volatility (OVX) continues to collapse with the potential to dip below the 30 handle with today’s range seen between 67.01 – 71.64.