Cornelia Meyer from Meyer Resources breaks down the latest OPEC meeting, and explains why she sees oil prices at $50-$55 next year.
OPEC and non-OPEC allies will hold a virtual meeting on Thursday to review the oil market and discuss compliance with deep production cuts.
Oil prices steadied on Thursday after a decline earlier in the day as production started in the Gulf of Mexico after Hurricane Sally while a drawdown in U.S. crude and gasoline inventories supported the market.
Oil prices rose nearly 3% on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic.
OPEC has cut its forecast for oil demand growth this year, citing a weaker-than-expected recovery in India and other Asian countries.
Oil prices eased on Thursday after U.S. data showed a surprise build in crude stockpiles last week, confirming an industry report.
"The future recovery is going to be much slower," Novak told CNBC as demand concerns weighed on crude prices.
Global oil demand will continue to creep higher but may not recover fully to pre-pandemic levels by end 2021, says Vandana Hari, founder and CEO of Vanda Insights.
Oil prices fell on Thursday, at one point touchig their lowest since early August as U.S. unemployment data fed fears of a slow recovery for the economy and fuel demand a day after weak U.S. gasoline demand data.
Oil fell more than 2% on Wednesday, reversing course as gasoline demand fell in the United States in the latest week, an indication that economic recovery from the pandemic may be slower than expected.
Oil prices dropped on Friday as the economic recovery worldwide runs into stumbling blocks due to renewed coronavirus lockdowns, even as major global crude producers limit crude supply.
Oil prices fell on Thursday as major producers warned of a risk to demand recovery if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected.
Michael Bradley, equity strategist at Tudor, Pickering Holt & Co., joins "Squawk Box" to discuss the state of the oil sector.
Oil prices were little changed on Wednesday as concerns lingered over soft U.S. fuel demand while global producers feared a second prolonged wave of the coronavirus pandemic was a major risk for the market recovery.
Oil prices slipped on Tuesday, though they mostly held onto overnight gains after OPEC+ said the producer grouping is almost fully complying with output cuts to support prices amid a drop in fuel demand given the coronavirus pandemic.
Oil prices edged lower on Friday on worries that demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories.
Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions, but resilience in equities markets and a weak dollar limited losses.
World oil demand will fall by 9.06 million barrels per day (bpd) this year, OPEC said in a monthly report on Wednesday.
OPEC and its allies need to find a balance between supporting oil prices and keeping U.S. crude production at bay, John Driscoll of JTD Energy Services said this week as the oil-producing group starts to roll back supply cuts.
John Driscoll of JTD Energy Services says OPEC is facing a "very delicate" balancing act between supporting oil prices and keeping them low enough to discourage U.S. crude production.