IDBI Capital
Crude oil price remained weaker: Crude oil prices continued to fall in the month of October as Europe expands Coronavirus lockdowns mainly in France and Germany. The United States 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% MoM to average US$40.5/bbl in Oct'20. Also, delay in fiscal stimulus package in the US further poses a negative factor for crude oil price. US total rig counts which touched low of 244 rigs at mid-Aug'20 now increased to 296 at the end...
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