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Crude oil prices projected to reach US$68

Crude oil prices are projected to range between US$58 and US$68 per barrel over the next few months in tandem with industry expectations, according to Hibiscus Petroleum Bhd managing director Dr Kenneth Gerard Pereira.

He said the benchmark Brent crude oil, currently trading at US$63 per barrel, was a strong indication of underlying demand due to growing world population.

“Crude oil prices are strong and trending up, it is not as volatile as it was before,” he told reporters at the Hibiscus Petroleum corporate and business update here yesterday.

Pereira said the global population would increase from about 7.3 billion to over nine billion by 2040.

Meanwhile, he said the company’s unit, Anasuria Hibiscus (UK) Ltd, has completed two key projects in the Anasuria cluster oil and gas fields in the UK continental shelf recently.
Source: Bernama

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