An electronic display board shows Crude Oil Urals down. Urals oil is a reference oil brand used as a basis for pricing of the Russian export oil mixture. Picture: 123RF.COM
Gerbrand Smit from N-e-F-G Fund Managers chose Sasol as his stock pick of the day and Gary Booysen from Rand Swiss chose Brent Crude oil. Smit said: “I’m going for Sasol, it had troubles for quite some time, we know that it had lots of Louisiana project problems over the last while. I think most of this bad news is priced into them.”
Booysen said: “I’m just going to buy a pure oil contract at the moment. If you look at what happened today, we had the Saudi energy minister coming out on Monday and deliberately saying ... that oil is down as much as it is based on the coronavirus [it] is crazy.”
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