Oil price rise likely to run out of steam

Brent crude rose as high as $64.32 a barrel, the day after OPEC and other crude producers agreed to extend output cuts until the end of 2018 to tighten global supplies and support prices.

OPTIMISM is riding high for Brent crude to comfortably surpass the US$70-per-barrel mark.

However, recent numbers from the United States indicate that the shale oil and gas (O&G) producers are back in overdrive and are expected to push production of that country to a record 10.3 million barrels per day (b/d) this year, higher than the average of 9.3 million b/d last year.