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- Brent Oil to move back to a $60-$65 range on a full Indian lockdown – OCBC
Brent Oil to move back to a $60-$65 range on a full Indian lockdown – OCBC
FXStreet reports that strategists at OCBC Bank discuss Brent Oil prospects.
“We view last week’s 1% decline in Brent as profit-taking, especially after how the same benchmark rose 6% in the prior week. The time-spread on Brent has stayed largely stable as have crack spreads on both gasoline and diesel.”
“This week’s OPEC+ meeting is unlikely to focus much on production. The biggest risk to our upside call now looks like that of the virus outbreak in India, a big importer and consumer of oil. PM Modi has so far pushed back against a nationwide lockdown but time is probably running out. A full lockdown from such a vital oil consumer could likely knock back Brent into the $60-$65 trading range.”
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