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Oil Price Forecast To Remain Low

Oil Price Forecast To Remain Low
September 23
09:40 2015

The Reserve Bank of Fiji, based on international trends, has forecast oil prices will remain low in the coming months.

This is as expectations are that Iran will increase its exports in an already oversupplied market.

This was highlighted in the central bank’s June Quarterly Review.

Brent Crude oil price rose to US$61.36 per barrel at the end of June from US$53.34 in March.

This was as global surplus supply eased on account of a slowdown in US crude oil production.


Gold production

Meanwhile, higher volumes of ore extraction in the first half of the year resulted in increased gold production by the Vatukoula Gold Mines Limited.

Production by the Vatukoula Gold Mines rose by 26.7 per cent to 20,637 ounces.

Internationally, gold prices declined further to US$1171 per fine ounce at the end of June from US$1187 per fine ounce in March.

This was as favourable economic conditions in the US improved demand for US dollar denominated investments.

The Reserve Bank said gold prices could potentially decline further if the US Federal Reserve raises its key interest rates in the medium term.

As of June 30, the world market gold price was US$1171 (FJ$2447) per fine ounce.


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