As world economies activities picks up, crude oil demand is regaining momentum and slowly inching towards pre-Covid levels. Further, curb on production by OPEC+ and huge liquidity drove Brent crude oil price by 7.2% MoM to average US$42.8/bbl in Jul'20. We expect oil price to remain in the broader range of US$40-45/bbl due to demand risk and reduction in production cut by OPEC+ from August onwards until December. Also lost supply from US shale assets, will keep price under check. However, on a medium to long-run we expect crude oil price to stabilise near US$50-55/bbl. OPEC increased its production level in July marginally to 23.4mbpd vs 22.6mbpd in Jun'20 (24.6mbpd in May'20). This was led by Saudi Arabia which increased its production by 15% MoM to 8.45mbpd while other countries saw a minor cut in production. Further, OPEC+ agreed to reduce the daily production cut from 9.6 million barrels a day to 7.7 million barrels a day from August. Non-OPEC production was flat at 57.6mbpd in Jun'20 compared to May'20. US production remained flattish at 10.1mbpd. We expect it to remain at a lower...