santos released full year results and specifically mentioned oil as being a big contributing factor to their reduced profits in F20.
market is most likely pricing in a similar result to be released by Oil Search early next week.
I believe the price will face further downward pressure up until a few days after the full year results are released. after that I believe the market will look forward and see the vaccine (if successful) as a catalyst to things moving back to normality - meaning oil consumption increases thus demand increases. with oil prices predicted to rise by many of the big banks through until mid 2021 we could see interest flood back to Oil search.
my opinion DYOR. cheers.
OSH Price at posting:
$2.99 Sentiment: Hold Disclosure: Held
