OCBC sees oil price at US$65 by year-end

Wiranto: ‘The recovery in commodity prices will be a big plus for Malaysia’s economy, as it is a net commodity exporter.’

KUALA LUMPUR: : Global crude oil prices are expected to strengthen to US$65 (RM288.44) per barrel by end-2017, supported by the production cut by the Organisation of the Petroleum Exporting Countries (Opec) and non-Opec countries, said OCBC Bank.

According to the regional financial institution, the recovery in crude oil prices will likely lift the prices of other commodities, such as liquefied natural gas and crude palm oil, thus benefiting Malaysia’s exports.