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Article: OSK expects oil to stabilise at US$60

Article from:
New Straits Times
Article date:
June 13, 2009
Copyright

New Straits Times
06-13-2009
OSK expects oil to stabilise at US$60
Edition: Main/Lifestyle
Section: Business Times
Type: Company

OSK Research Sdn Bhd expects crude oil price to stabilise at US$60 (RM210) per barrel in the immediate term as there is no reason to justify the continuous price rise.

However, the oil price is likely to increase in the long term due to several reasons.
Firstly, oil is a scarce resource, and the cost of production is rising as it would cost more to get oil from unconventional reserves.

The world population is also rising while industrial activities across the world spur demand for more energy.

OSK noted that global oil demand is expected to shrink by 2.6 million ...

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