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Oil & Gas : Stronger bounce back underway- Update

Sector note 19/03/2021    425

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  • Brent oil price increased 31.2% ytd to reach a level of ~$US68/bbl, mainly driven by supply-side catalysts.
  • We raise our 2021F average oil price assumption by 13.2% to $US60/bbl due to the expectations in global economic recovery and positive supplyside factors.
  • The beneficiaries from oil prices rally are upstream and midstream companies, whereas some downstream companies might be losers.

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