Robbie Fraser | Source | Senior Commodity Analyst at Schneider Electric

The U.S. has seen a significant uptick in new restrictions across various states this week, with virus cases setting records ahead of the traditional holiday travel season. There is little question that holiday travel will be far below normal levels this year, though exactly how far below remains subject for debate.

For oil, the focus continues to rest on the demand side of the market, with global demand expected to extend its record decline in the weeks ahead as a growing number of countries implement lockdown measures.