The reopening of locked down economies will be the catalyst of the crude oil price moving forward from a boost in demand for transportation fuels, according to TA Securities. Additionally, the restoration of manufacturing output would catalyse the demand for petrochemicals, which would in turn propel the demand for crude oil and natural gas, it added.
PETALING JAYA: The Brent crude oil price is expected to remain elevated in the coming months as demand will continue to rise with the rollout of vaccines and tapering restrictions despite the recent spike in cases.
Brent crude oil hit US$70 (RM290) per barrel on Tuesday: the highest in two months. It pulled back to US$67.61 (RM280) per barrel yesterday.
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