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November ' 24 Crude Oil Report

In our Oct-24 report (3-Oct-24, Brent $74.98), we had expected Brent to trade within $80-60 in the coming months. We had laid out a possibility of downside extension to $55-50 in case of a US recession in the Jan-Mar’25 quarter. Else a shallow recession or slowdown could limit the downside to $60. Brent remained above the Sep-24 low of $68.68 through Oct-24 trading within the broad $81.16-69.91 region, in line with our broader mentioned range of $80-60.
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WHAT'S NEW?
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