COMMODITIES MARKETS - Crude Oil
The international energy landscape is evolving. The growing demand of electric cars has a vital impact on future oil demand. However, global oil demand is expected to continue growing in the short to medium term, induced by increasing prosperity in fast-growing developing economies. This pace of growth may slow overtime. In 2018, total supply growth could exceed demand growth, due to rising US production, and possibly putting downward pressure on oil prices.
The oil prices will still be dependent on a lot of factors like the rising shale production from the US as well as the compliance of the various OPEC members to their allocated production. Moreover, on the demand side, whether the current broad-based economic recovery is sustainable will eventually determine how oil prices will perform in the short to medium term.