Oil prices unlikely to revisit previous highs: IMF

Tokyo

THE price of oil is unlikely to go back to its previous highs, and short- and long-term factors point to a relatively bearish outlook for demand and prices, the International Monetary Fund (IMF) has said in a report.

This month, the World Bank raised its 2017 forecast for the price of crude oil to US$55 a barrel, and said it expects a "solid rise in energy prices led by oil" next year.