Crude oil prices expected to remain elevated in medium term: HDFC Securities
Accordingly, the brokerage house`s report, cited that Brent crude price which is currently at more than $75 per bbl has been driven by recovery in global demand with opening up of economies.
"The US was hit by Hurricane Ida in July end, which has resulted in disruption of production from Gulf of Mexico (GoM) of 1.7mb per day in August. The IEA expects supply from GoM to normalise by Q4CY22," it said.