Oil prices to remain in $55-70 range

Saxo Bank expects oil prices to remain in the range of $55-70 per barrel, which will not be supportive for regional economies.

“A weaker dollar driven by increased concerns about the US economic outlook is not a strong enough foundation from where a price recovery can be established. On that basis we expect the market to remain rangebound for the time being,” Ole Hansen, head of commodity strategy.

The outlook for global supply and demand shows a trend towards rising non-Opec supply and continued steady demand. Such rising of non-Opec supply carries risk and potentially challenges unity among the Opec+ group, which could also impact future oil prices, Hansen said.

Brent crude traded 0.15 per cent lower at $66.53 per barrel, while WTI was 0.16 per cent lower at $62.91 per barrel on Wednesday.

Source: Gulf News

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