30March2021EquityResearchGlobalGlobalEquityStrategyTheoilquestion:wearecautiousofIOCsandpreferexposuretooilviatestingcompanies,NorwayandMexicoInvestmentStrategyStrategyOurtacticalconcernsforIOCs:ResearchAnalystsThesectorwas3stdoverboughtinearlyMarch:evenfromcurrentlevels,energyAndrewGarthwaitenormallyunderperformsby8.3%ona6-monthview(seeourreport,RegionalandSector442078836477Scorecards:whataretheysaying,10March).andrew.garthwaite@credit-suisse.comWecanseefurthernear-termdollarstrength:dollarstrengthisnegativeforIOCs.RobertGriffiths442078838885OvershotISM:oilandISMtendtomovetogether,butoilhasbecome15%extendedrobert.griffiths@credit-suisse.comrelativetowher...
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