A Strong Global Economy Is Expected to Keep Oil Prices Rangebound

The global economy is likely to continue on its current strong course, according to a poll among economists conducted by Reuters. While this is bullish for oil, some of the implications will likely keep prices range-bound. Global GDP growth could reach 2.9% this year, the 500 respondents Reuters polled said. This means that central banks will be hard put to start cutting rates, meaning borrowing costs will remain elevated for longer. "We are continuing to be surprised by the resilience of the global economy. Now, part of that is we entered…