Oil price rally set to falter as demand doubts loom

The return to investment in and growth from offshore production also make a long-term rally less likely, Goldman analysts said, adding “most of the rally is behind us”. — Reuters

OIL prices may be near US$100 a barrel, but a range of factors could prevent a sustained rally above that level, analysts say.

They include a projected rise in non-Organisation of the Petroleum Exporting Countries production, in addition to Russia’s need to boost supply to increase revenue and the potential for oil demand to slow given already-high interest rates in major Western economies.