Kenanga Research said it is almost certain that the second half of the year will see improved results in comparison to the first half, helped by a mild rebound in crude oil prices post-April 2020 and easing of movement control order lockdowns — Reuters pic
However, production and activity levels are still very unlikely to return to pre-pandemic levels at least for the next 12-18 months, it said in a statement today. Meanwhile, AmInvestment Bank has upgraded its call on the sector to “overweight” from “neutral” despite the ongoing volatility of crude oil prices as the down cycle may have reached a bottom with the worst experienced in April this year when Brent spot prices temporarily fell to a low of US$14/barrel while futures inverted to an abnormal negative US$38/barrel due to a lack of storage capacity.
Source: News Formal (newsformal.com)
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