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Asia could provide a supporting pillar for the energy market as demand among Asian economies is expected to surpass $1 trillion this year, or twice as much as in 2015 and 2016. Asia-Pacific consumers consumes over 35% of the 100 million barrels of oil the world uses per day and the percentage is only rising, Reuters reports.
“While the price action in the commodity has hardly broken down as of yet, it seems fair to say that quite a few of the fundamental concerns that have lately supported oil have been largely priced in, which could set the stage for a steady cooldown over the longer haul,” adds Schaeffer’s.
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