Is oil on the rebound?

In the longer-run, we expect the new-normal crude oil price to average below the previous years of US$110 per barrel - at around US$80 per barrel,

WHEN the price of oil, which has been depressed for some time, spiked up momentarily to US$60 per barrel, many people wondered what the medium term outlook would be. Expectations ranged from low to slightly bullish.

“We are looking at crude oil price averaging US$50-55 per barrel this year (2015 year-to-date: US$52 per barrel) and US$65-US$70 per barrel in the next two years.