The worst is behind us for oil market volatility. The rebalancing in supply-demand fundamentals is gaining traction as we move past the peak in oversupply and into recovery as global lockdown measures begin to ease, led by a revamping Chinese economy and convalescing transportation demand in developed markets.

Ehsan Khoman, Head of MENA Research and Strategy, believes that the inflection point in oil markets will be reached between late May and early June as fundamentals are set to become instantaneously balanced, seeing an oil price rally take a firm hold.

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Download: Timing the inflection point in oil markets: The Global Markets FX Week Ahead Podcast (MP3)

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