Goldman Sachs sees a correction in oil prices on the horizon even amid a significant recovery in the last month and the recent decision by OPEC and its allies to extend historically large production cuts through July.
“With oil now above $40/bbl, supplies will be incentivized to return, but we believe the risks to the downside have increased substantially and are now looking for a 15-20% correction which may already be underway after Monday’s modest sell-off,” Goldman Sachs’ commodities research team led by Jeffrey Currie wrote in an analyst note on Tuesday.
“Despite the rally, we have been hesitant to recommend a long position this early in the cycle for several reasons,” the analysts wrote.
Surplus oil inventory of an estimated 1 billion barrels has piled up as the world’s economic activity and travel remains largely at a standstill amid coronavirus fears.
There’s also widespread uncertainty over a demand rebound, with health authorities stressed the risk of a second wave of Covid-19 infections plunging countries back into lockdown.
Can anyone explain how come revenue so much but still loss? Impairment and depreciation sum is not exceeding 30m, it not the big amount, it's still loss, weird.maybe someone can explain?
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
dr_jogho
486 posts
Posted by dr_jogho > 2020-06-09 15:01 | Report Abuse
maybe today alam will breakout level 10 cent