IMF projects stronger-than-expected global recovery, 21% rebound in crude oil prices to ~ $50/b

The International Monetary Fund expects the global economy to post a stronger-than-expected recovery from the pandemic, with oil prices averaging just above $50 per barrel in 2021. Still, it says that “Oil exporters and tourism-based economies face particularly difficult prospects given the subdued outlook for oil prices and expected slow normalization of cross-border travel.”