Outlook for oil remains volatile

Crude oil prices are expected to remain volatile and depressed between US$50-60 per barrel levels in the months ahead in the absence of significant cutback in production amid getting some price support from steady global demand," said said independent economist Lee Heng Guie(inset). (A Malaysian oil rig-Filepic)"

Despite falling oil prices, some are still maintaining their outlook for oil price to hover between US$50 to US$65 per barrel, while others are slightly reducing their earlier forecasts.

RHB Institute is turning more cautious on the upside for crude oil prices, dialling back slightly on its Brent crude oil price assumption for the second half of the year, down by 7% to an average of US$66 to US$67 per barrel for 2015.