PRESS ROOM
Volatility in oil prices continues
Friday 13th August '21
Oil prices are continuously in a tug of war between improving demand prospects in the near term and increased supply pressures over the medium term. As travel restrictions ease in many parts of the world, and risk sentiment rises, demand outlook continues to improve and more reports of draws from current inventories are seen. On the other hand, the Organization of the Petroleum Exporting Countries and its Partners (OPEC+) have announced their intention of gradually bringing supply back to pre-pandemic levels by the end of next year. Oil prices are likely to continue responding to demand and supply dynamics in the meanwhile.