Malaysia's Petronas forecasts oil prices around US$50-US$60 per barrel

[KUALA LUMPUR] Malaysia's state energy company Petroliam Nasional Berhad, or Petronas, forecast oil prices to hover around the US$50s and US$60s in its 2018-2020 outlook report.

"In our view, the oil price outlook will hover around US$50s to US$60s per barrel," said Petronas in its report released on Monday, adding that US$100 a barrel was a "thing of the past".

Petronas last forecast that oil prices at US$50 a barrel should be taken as the new norm, but said in its recent earnings announcement that it expects its overall year-end performance to be better than last year, indicating an improved view of the energy market.

REUTERS