PETALING JAYA: Moody’s Investors Service has revised upwards its medium-term oil price range outlook to US$50 to US$70 (RM209 to RM292) per barrel to reflect its expectation of a continued increase in the cost of production in step with recovery in demand.

       “We are now returning to the medium-term price range we had before the coronavirus pandemic,” senior vice-president Elena Nadtotchi said in a statement yesterday.

       She said the credit rating agency also expected restricted supply to continue supporting strong momentum in oil prices.

       Nadtotchi said the upstream energy sector continued to invest well below pre-pandemic levels despite the sharp turnaround in oil and natural gas prices in 2021. ― Bernama