Commodities
Oil Prices Expected to Drop up to PHP5 per Liter Next Week Amid Renewed US-Iran Hopes
Oil prices are expected to drop by up to PHP5 per liter next week due to optimism for renewed US-Iran peace talks, according to Jetti Petroleum president Leo Bellas.
The decline in fuel prices is attributed to easing geopolitical risks, which reduced the recent supply premium. This, combined with a stronger Philippine peso against the US dollar, has put more downward pressure on domestic prices.
Bellas noted that fundamentals remain relatively firm due to strong demand and tightening supply, but further downside is capped due to concerns over global supply disruptions.