Oil prices seen lower on production, EV adoption

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The Star 2d ago

Oil prices seen lower on production, EV adoption - The Star

Quick Summary:

PETALING JAYA: Analysts and economists are projecting lower global oil prices due to oversupply and the rapid adoption of electric vehicles (EVs).

He said US economic growth has been remarkably resilient in 2024, aided by the pivot to a global monetary policy easing cycle in the second half of last year (2H24).“We expect the US economy to grow by 2.8% year-on-year (y-o-y) in 2024.

OCBC Asean economist Jonathan Ng expects global oil prices to continue moderating, with Brent averaging US$77 per bbl, down from its 2024 forecast of US$80 per bbl as the anticipated buildup in global oil inventories would curtail any upward pressure on oil prices.