Brent crude prices are expected to be around $60 to $65 a barrel next year as any possible price hikes from geopolitical risks would be countered by ongoing trade war, according to a top executive of the Institute of Energy Economics, Japan (IEEJ).
The lack of stability in the Middle East would raise the oil prices but the tariff war between the U.S. and China is likely to have a negative impact on them, Masakazu Toyoda, chairman and chief executive officer of IEEJ, told Reuters in an interview during the Singapore International Energy Week.
He said oil prices came back down the next day after Brent went above $70 a barrel following the attacks on Saudi Arabia’s oil facilities last month.
Brent is currently trading below $62.
Via Reuters
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