KARACHI:Contrary to the forecasts of a lot of analysts who predicted global oil prices would go down as low as $10 a barrel, Brent crude has made a rebound by hitting the highest level since the beginning of 2016.
The international benchmark for oil prices touched $44.68 per barrel on April 12, up 60.60% from $27.82 per barrel recorded on January 20.
How Pakistan can benefit from depressed oil prices
Oil prices hit the four-month high ahead of a meeting of big oil producers in Qatar on Sunday that may result in an oil production freeze.
Now that the downward price trend is reversing, some of the largest global oil trading houses have stated that oil prices are “unlikely to revisit the sub-$30 lows of January,” according to a Financial Times report. Some of the analysts at the recently held FT Commodities Global Summit said they expected oil prices to hover between $60 and $70 in the foreseeable future.