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IDBI Capital Report
Crude oil demand regained momentum as world economic activities continue to pick up amid ease in supply.
Brent crude oil price rose by 3.4% month on month to average 44.3/barrel of oil U.S. dollar in August 2020 and remained in a narrow range during the month.
OPEC plus agreed to ease oil output cut to 7.7 thousand barrels per day starting August until December 2020.
We reiterate our crude oil price forecast of 40-45/barrel of oil U.S. dollar in near-to-medium term and to stabilise at 50-55/barrel of oil U.S. dollar in the long run.
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