Oil prices may stay steady next year

Oil prices may stay steady next year

Though global crude prices have come down by almost one third after reaching its peak in October, it is likely to rise moderately from the current levels due to an expected cut in output by the Organisation of the Petroleum Exporting Countries (Opec) and expiry of Iran sanction waivers. However, the second half of the year may see a negative trend if the world economy doesn’t improve from the tariff war setback.

Analysts expect Brent oil to remain in the broad range of $65-70 a barrel on expectations that fundamentals remain intact for the next year. Further, the city gas distribution is likely to get a big push in the coming year.

The movement of oil prices will be closely watched by the government as well as the citizens, as India prepares for the general elections slated for mid-2019.  Read more

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