Global oil prices to remain bearish

Slower economic growth in emerging economies like China, Brazil and Russia will keep global crude prices and demand depressed this year, a leading think tank said on Tuesday.

According to the industry blue book released by the China Petroleum Enterprise Association and the China University of Petroleum on Tuesday, benchmark Brent crude prices will fluctuate between $80 and $100 a barrel while the West Texas Intermediate prices will hover around $75 to $95 a barrel this year.

The Organization of Petroleum Exporting Countries, or OPEC, led by Saudi Arabia, will continue its stable supplies to the global crude market, together with the United States' shale gas output, which will result in a crude supply glut.