Slightly higher oil prices in H2 as oversupply eases: World Bank

Tokyo

THE World Bank has again raised its forecast for oil prices in coming months, although only modestly compared with the dramatic recovery seen in the early part of this year. Meanwhile, the outlook is for prices of other commodities to decline, says the World Bank.

In its latest Commodities Markets Outlook report published on Tuesday, the Washington-based institution raised its 2016 forecast for crude oil prices to US$43 per barrel from US$41 per barrel, owing to supply outages and robust demand in the second quarter.