OIL PRICES

摘要

Brent oil prices have remained around the US$47-50 range, up from a low on January 20 of US$26.01, despite concerns over Asian and European growth prospects. The relative stability in crude has also been reflected in OPEC's decision to maintain its forecast for an increase in global oil demand this year. OPEC ended yet another meeting this month without agreement over output. Until December 2015, OPEC had a production ceiling of 30mn barrels a day, although this was routinely ignored as oil producers pumped more crude. OPEC decided against a cap this time, citing rising demand in the US, India and other consumers. Excess supply is expected to ease this year, due in part to wildfires in Alberta and attacks on Nigeria's oil pipelines. However, a large overhang of supply will remain.