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ICICI Securities Report
Oil, after a sharp recovery from lows in April 2020, is down 9% from highs in August 2020 due to seasonal demand weakness and ramp up in Libyan oil output.
Oil appears out of the woods given demand is exceeding supply probably from June 2020 and strengthening of demand recovery in India and the U.S. in September after a reversal in August.
Libya’s oil output rise, low demand from refiners due to weak gross refining margins and lockdowns are headwinds to further oil price rise.
U.S. lifting sanctions on Iran oil exports if Joe Biden wins is another risk.
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