Oil, metals prices set to rise amid trade tensions

Crude oil prices are expected to jump 23 percent this year amid strong economic growth, while metals prices are rising, hit by ongoing trade tensions, the World Bank said Tuesday, reports AFP from Washington.

The World Bank raised its forecast for oil prices to an average of $65 a barrel this year and next, up from $53 last year, partly due to “mounting geopolitical risk.”

Metals prices are expected to increase nine percent in 2018 and while agricultural prices are expected to gain two percent in both cases impacted by the US-China trade dispute, the report said.

The World Bank cautioned that “policy actions currently under discussion, such as additional tariffs, production cuts, and sanctions, present risks to the short-term outlook.”

The continued global economic recovery, with growth increasing to 3.1 percent last year and expected to go higher this year, has fueled oil prices, which surged 10 percent in the first quarter.

 

Oil, metals prices set to rise amid trade tensions

Crude oil prices are expected to jump 23 percent this year amid strong economic growth, while metals prices are rising, hit by ongoing trade tensions, the World Bank said Tuesday, reports AFP from Washington. The World Bank raised its forecast for oil prices to an average of $65 a barrel this year and next, up from $53 last year, partly due to mounting geopolitical risk. Metals prices are expected to increase nine percent in 2018 and while agricultural prices are expected to gain two percent in both cases impacted by the US-China trade dispute, the report said. The World Bank cautioned that policy actions currently under discussion, such as additional tariffs, production cuts, and sanctions, present risks to the short-term outlook. The continued global economic recovery, with growth increasing to 3.1 percent last year and expected to go higher this year, has fueled oil prices, which surged 10 percent in the first quarter.