Mixed views on oil prices

Oil prices were hit last week after the unexpected rise in US petroleum stocks, with Brent crude falling 4.1% to settle at US$48.06 a barrel after the data was released, the lowest close since November last year

PETALING JAYA: Analysts are split on whether crude prices will improve in the second half of the year as oil prices continue to be under pressure from the persistent oversupply situation, made worse by a surprise increase in US petroleum stocks last week.

Along with the increase in stocks, data from the US Energy Information Administration (EIA) also showed that gasoline inventories were higher, indicating slowing demand.