oil: Reign of high oil prices is here to stay, say analysts

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India is likely to go ahead with an oil tax cut to soften retail prices, said Bank of America Securities.

Synopsis

International crude oil prices have surged to their highest levels in 13 months recently, led by a strong demand outlook due to recovery in global economies as well as supply disruptions in the Middle East.

Mumbai: Leading brokerages such as Morgan Stanley and Goldman Sachs expect crude oil prices to touch $70-75 a barrel this year driven by lower expected inventories and higher marginal costs. These brokerages believe that the oil market has been undersupplied this year and oil prices will see a sharp uptick sooner or later.Goldman Sachs estimates Brent crude oil prices will touch $70 a barrel and reach $75 a barrel in the third quarter.“…oil

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