Oil to average in low $70s

Rising supply and potentially weaker-than-expected demand are set to keep oil prices in check this year, with the price likely to average in the low $70s, analysts and investment banks say.

With the U.S. new administration, experts expect the average price to be lower compared to last year amid concerns about demand as economic uncertainty spiked with the start of the trade and tariff wars.

On the supply side, OPEC+ early this month confirmed it would begin adding barrels to the market as early as next month. – oilprice.com