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- Brent Oil: Exogenous shock unlikely to persist - OCBC
Brent Oil: Exogenous shock unlikely to persist - OCBC
FXStreet notes that crude oil took two big hits last week – stalled US fiscal stimulus talks and President Trump taking ill with COVID-19. The latter appears to be an exogenous shock and strategists at OCBC Bank expect Brent Oil prices to recover to its $40-$43/bbl range.
“ Brent fell 7.2% across last Thursday and Friday and closed below the critical $40 handle on Friday. The US President taking ill with COVID-19 sent Brent spiralling on Friday but we view that as a one-off exogenous shock that impacted sentiment more than fundamentals.”
“We expect Brent to return to the $40-$43/bbl range within this week.”
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