Gulf Arab producers continue to believe that they will outlast U.S. shale... and will be the ones that will pump the last barrel of oil on earth... so, borrow now and think of debt loads and reforms later...
"They have pursued the wrong policies over the past three decades, which have caused ever higher debt and ever greater instability in the financial system..."
"There is little question that this increases the probability that the Fed pushes forward with an extension of the WAM of QE purchases at the December 16 FOMC meeting."
"Despite those developments the fact the market is able to resist to this extent means there is some sun ahead, driven by the fact that in medium term economic activity will accelerate and there is positive news o the vaccine."
Pfizer is formally submitting the application on Friday...the review process is expected to take a few weeks. If approved, the first Americans could receive the vaccine by mid-December.