*Saudi Aramco IPO incentivises floor under crude
*OPEC cuts could come next month or before March 2020
*Can we revisit Sep highs if we breach the 200d-MA?
Brent Crude base case
Ahead of the widely anticipated Saudi Aramco IPO whose order book has already attracted US$20bn, we explore the near to medium-term implications on
Brent Crude in this video. Our base case is for crude to remain supported with likely cuts pushing crude towards September highs and breaking the 200d-MA. Of course, these views do hinge on the magnitude and timing of OPEC cuts. While cuts are yet to be determined, we remain confident that OPEC will push through a deal either in December or before March next year.
Crude oil. Source: ThinkMarkets.
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