IDBI Capital: Crude Oil Largely Status-Quo
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IDBI Capital Report
Crude oil prices continued to fall in the month of October as Europe expands coronavirus lockdowns mainly in France and Germany. The U.S. also faces a surge of cases.
While crude oil demand has picked up from Asian countries and inventory levels are depleting worlwide, risk of higher supplies from couple of OPEC nations and rising rig counts globally raises concern of over-supply.
Brent crude oil price fell 1.5% month-on-month to average $40.5/barrel of oil in October 2020.
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