Demand for crude oil is expected to pick up in the third and fourth quarters this year. — file pic
Today, benchmark Brent crude oil is trading at US$28.27 per barrel, down by 4.49 per cent, with demand at 30 million barrels per day. Shan said he foresees further production cuts going forward, which could move prices up to between US$47 and US$59 per barrel, premised on a weaker US dollar and geopolitical risks, among others.
Meanwhile, Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said it remains to be seen whether the 9.7 million barrels per day cut by OPEC and its allies could provide a strong lift to the prevailing prices beyond US$40 per barrel on a sustained basis. Based on the latest International Monetary Fund forecast, China is expected to grow by a minuscule rate of 1.2 per cent in 2020. It’s highly uncertain whether the current oil supply cut arrangement would materially help to stabilise the oil prices, he cautioned.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crude mixed on output deal, recession fears as global shares slip | Malay MailNEW YORK, April 14 ― Stocks on Wall Street mostly slid yesterday over concerns of what the coronavirus pandemic will do to corporate earnings, while crude prices were mixed as a global deal on record output cuts failed to quell doubts the pact would head off an oil glut. Gold prices rose to their...
Source: malaymail - 🏆 1. / 86 Read more »
MIDF Research lowers Malaysia 2020 GDP growth forecast to 1pc | Malay MailKUALA LUMPUR, April 13 ― MIDF Amanah Investment Bank Bhd Research (MIDF Research) has revised downward this year’s forecast for Malaysia’s gross domestic product (GDP) to one per cent from 2.7 per cent, anticipating the first half 2020 (1H 2020) data to be more precarious than before. The...
Source: malaymail - 🏆 1. / 86 Read more »
Malaysia manufacturing sales up by 7.7pc in Feb 2020 | Malay MailKUALA LUMPUR, April 13 ― Malaysia's manufacturing sales grew by 7.0 per cent year-on-year (y-o-y) in February 2020 to register at RM110.6 billion from RM103.4 billion in February 2019, said the Department of Statistics today. Chief statistician Datuk Seri Mohd Uzir Mahidin said the y-o-y growth...
Source: malaymail - 🏆 1. / 86 Read more »
Malaysia’s unemployment rate at 3.3pc as of Feb 2020 | Malay MailPUTRAJAYA, April 14 ― The unemployment rate in February 2020 increased to 3.3 per cent compared to 3.2 per cent in January 2020, said Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin. In February 2020, the number of those unemployed was 525,200 people, a 2.6-per cent increase compared to the...
Source: malaymail - 🏆 1. / 86 Read more »
IMF says eurozone economy will crash in 2020 | Malay MailBRUSSELS, April 14 — The IMF drastically slashed its growth estimates for the eurozone today, as virus lockdowns decimated the European economy. The IMF said the eurozone economy would crash by a staggering 7.5 per cent this year, a free-fall not seen since the 1930s Great Depression. The IMF...
Source: malaymail - 🏆 1. / 86 Read more »
Coronavirus could see UK GDP fall 13pc in 2020, says watchdog | Malay MailLONDON, April 14 — Britain’s economy could shrink by an unprecedented 13 per cent this year in the case of a three-month coronavirus lockdown, according to a scenario published today by fiscal watchdog the Office for Budget Responsibility. “The resulting 13 per cent fall in annual GDP in 2020...
Source: malaymail - 🏆 1. / 86 Read more »