Global Prices of Crude Seen to Rise Further; To Put Upward Pressure on Inflation
The global prices of crude as tracked in the WTIC may likely continue to rise further in the short run. Tighter global supply resulting from deeper output cuts from the OPEC+ amidst improving global economy alongside lesser-than-expected US inventories have carried the commodity to a fresh YTD high. From a technical standpoint, the commodity is seen to enter a fresh up wave following its recent turn from a midrun base. With this, crude may aim to recapture the $100/barrel score. Such an event, unfortunately, may likely place an upward pressure on domestic inflation especially since the Philippines is a net imported of crude.
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