Oil prices to stay hot as upside factors pile on
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Singapore
OIL prices could stay elevated, and some commodity experts do not rule out the possibility that crude benchmarks Brent and West Texas Intermediate (WTI) could hit US$80 and US$70 a barrel respectively this year - with the shocking move by the US to end Iranian crude sanction waivers worsening an already-tenuous oil supply crunch.
FXTM's analyst Lukman Otunuga said: "The fundamental themes in favour of higher oil prices are clearly stacking up their dominoes."
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