Oil prices have seen a two-sided trade this week and have formed a consolidation range but are slipping here in the early session amongst an increase in corona cases in Europe, which is only further exacerbating the grim outlook in growth and recovery in fuel demand.  This comes amid some recent bullish supply side developments with continuing oil production outages in the Gulf, which is expected to wane in the near term coupled with a more than expected decline in weekly oil stocks according the EIA. OPEC+ is set to reduce supply cuts from the current 7.7 million bpd to 2 million bpd in January despite noting that the outlook for fuel usage appears ‘anemic.’ The demand outlook continues to remain bleak, which coupled with a continuing rise in supply from Libya may cause OPEC+ to extend the current production cuts into next year. Continue to keep an eye on oil volatility (OVX) with the market remaining bearish trend with today’s range seen between 38.06 – 41.90.