Malaysia's Petronas forecasts oil prices around $50- $60 per barrel

Malaysia’s Petronas forecasts oil prices to hold in the $50s and $60s per barrel, the state energy company said in its 2018-2020 Activity Outlook report today.

Oil at $100 a barrel was a “thing of the past,” it said, according to Reuters.

The sustained healthy global demand growth will help speed a drawdown in crude and fuel inventories, and will rebalance oil markets, the report added.

“Currently, global oil demand is recorded at 98 million barrels per day and is expected to grow by 1.4 million barrels per day in 2018,” Petronas said.