“Without a stable demand, we opine that the current oil price level will not be sustainable, ” MIDF Research senior analyst Noor Athila Mohd Razali said.
PETALING JAYA: The international benchmark Brent crude oil prices has touched US$60 per barrel, boosted by supply cuts among key producers and expectations that further US economic stimulus measures could increase demand.
Falling oil inventories in China, coupled with declining Covid-19 infections in key economies such as the United Kingdom and the United States amid aggressive vaccine rollouts, also suggested that the demand for crude oil could be on a recovery path.
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