Divisions continue to separate the OPEC+ cartel, and they had to delay the meeting that was supposed to be a rubber stamp on a 3-month extension of cuts.
The oil market has widely priced in a three-month extension while holding out hope of a more dramatic OPEC+ surprise. Even Vladimir Putin plays it coy by saying that he has no plans to talk to Saudi Arabia ahead of the OPEC+ meeting.
More news on Covid-19 vaccines is raising oil demand prospects in the short term and the longer-term has oil trading at a 3-month high, and the best is yet to come.
While the market showed some disappointment with the OPEC+ non-decision, it rallied back, as the global outlook for future demand improves.
Oil prices are at a historic turning point. The market tries to balance concerns about more short-term Covid-19 lockdowns versus the high probability that a safe and effective vaccine will allow oil demand to start returning to normal.
U.S. refinery runs are still weak, partly due to storms, bad margins, and seasonal maintenance.
Oil funds got caught short as the demand outlook improves with hopes that we will get a coronavirus vaccine. There will be more pain for the shorts as they have to exit positions.
The vaccine against Covid-19 was powerfully effective, exceeding expectations with results that are likely to be met with cautious excitement.
While in the short-term, demand destruction may be on the market’s mind, the real cost to the energy sector will be production destruction. A situation that will have grave consequences on the market when oil and gas demand eventually return. 
Crude prices and oil products soared on hopes of gridlocks and goldilocks and a potential economic growth explosion.