- Analytics
- News and Tools
- Market News
- Brent Oil: Uncontrolled COVID-19 outbreak in India to prevent a rise above $68 – OCBC
Brent Oil: Uncontrolled COVID-19 outbreak in India to prevent a rise above $68 – OCBC
FXStreet reports that strategists at OCBC Bank expect Brent Oil to remain below the $68 level at least until India contains the outbreak.
“The uncontrolled coronavirus outbreak in India will continue to pose the biggest downside risk to oil prices for now. Bloomberg reported in April, gasoline consumption in India probably fell 6% and diesel about 2%. This consumption weakness is likely to continue into this month, given the ever-worsening daily cases in India. We see selling pressure starting to build each time Brent attempts a break above $68. This cap may persist until India contains its latest outbreak, which may take at least a month or more.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
