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Jakarta Post

OPEC, truce may give oil the lift it needs

  • Sambit Mohanty

Singapore   /   Wed, July 17 2019   /  01:20 am

Oil markets are primed for a rally in the second half of this year after an easing of international trade tensions and extended production cuts by the Organization of the Petroleum Exporting Countries (OPEC) brightened the outlook for balances.Throw in supply concerns from the thorny geopolitical picture in the Persian Gulf and prices could be about to bounce.S&P Global Platts Analytics expects Brent crude to push higher this year, with prices expected to trade in the US$70-$80 per barrel range before the end of the year on greater likelihood of tighter balances, up from current levels just below $65 per barrel.Rising seasonal demand, anticipated crude stock draws as refineries return from maintenance, as well as the looming deadline for ship operators to comply with tighter regulations on marine fuel specifications under International Maritime Organization 2020 rules will all suppor...