S&P revises 2019 bench mark oil price to US$70 per barrel

Brent crude futures gained 79 cents to settle at $78.86 per barrel. Earlier, the global benchmark hit a session high of $79.51. U.S. crude futures rose 26 cents to settle at $74.11, after hitting a high of $74.70.

KUALA LUMPUR: S&P Global Ratings has revised the benchmark Brent crude forecast to US$70 per barrel next year as it is unlikely to hold firm above US$80, weighed by supply concerns.

Asia Pacific corporate ratings director Bertrand Jabouley said it was a matter of time before oil producers started pumping up their oil production capacity and flood the market with the commodity, particularly in the current high price environment.