Photo: AFPLondon: Oil prices rose on Tuesday, lifted by healthy world economic growth prospects and production curbs by the Organisation of Petroleum Exporting Countries (Opec), Russia and their allies. WTI reached its highest since December 2014 on 16 January at $64.89. The bank said it had hiked its 2018 oil price forecasts by $10 a barrel, expecting WTI to average $60 and Brent $65. But the British bank said it had “a bearish view on oil prices for the quarters ahead.”In the long-term, investors are preparing for a fall in oil demand due to the rise of electric vehicles. Bank of America Merrill Lynch said it saw “peak oil demand” by 2030, with electric vehicles replacing conventional ones by 2050.

Source: Mint January 23, 2018 11:03 UTC