Energy Weekly Report: Motilal Oswal

According to Motilal Oswal, Oil prices hit a rough patch last week, falling back in line with broader financial markets. Prices did try to inch higher, but experienced selling pressure at highs.

Motilal Oswal’s report on Energy WeeklyOil prices hit a rough patch last week, falling back in line with broader financial markets. Prices did try to inch higher, but experienced selling pressure at highs. Crude prices lost more than 4% last week as the passing of Hurricane Laura returned the focus to an uncertain demand outlook amid the ongoing pandemic.

Outlook

Given the ongoing weakness indicators in the U.S., which is the world’s largest oil consumer-, plans to increase production could send oil prices crater if OPEC+ isn’t careful.

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First Published on Sep 8, 2020 02:35 pm

Credit: MoneyControl

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