Oil price bottoming depends on global growth

Kitakyushu, Japan

INTERNATIONAL Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, provided that the health of the global economy does not pose a concern.

Oil prices hit 2016 highs on Friday with Brent crude reaching US$48.50 a barrel on optimism that a global oil glut will ease. That, coupled with a weaker dollar, has helped lift crude futures by more than US$20 a barrel since prices plumbed to 12-year lows of below US$30 in the first quarter.