CNOOC Expects Oil Prices to Remain Rangebound Between $75 and $85

China's CNOOC Ltd. predicts that oil prices will remain between $75 and $85 per barrel for the second half of 2024, in line with current market trends. Brent crude is currently trading at $79.51 per barrel, up $0.86 (+1.09%) on the day. CNOOC, one of China's leading offshore oil and gas producers, sees fossil fuels as crucial for global energy stability in the foreseeable future, despite the global push towards renewable energy sources, according to CNOOC executives. The state-owned company expects to produce between 700 million and 720 million…