By Ben Otto

PTT Global Chemical PCL expects oil prices to rise further on the continued global recovery and easing curbs on travel, coming after higher prices in the latest quarter helped profit soar.

The Thai oil refiner anticipates Dubai crude in the range of $69-$72 per barrel in the second half of 2021, up from an average of $66.93 in the second quarter, it said in an earnings release late Monday.

Higher oil prices and demand recovery in the second quarter helped lift net profit to 25.03 billion baht ($747.6 million), from THB1.67 billion in the same period a year ago, when pandemic restrictions severely cut demand for petroleum products. Second-quarter sales revenue rose 61% to THB111.79 billion, it said.

PTT Global Chemical said it expects the global economy to gradually recover on the back new energy policies in the U.S., vaccination rollouts and Covid-19-related stimulus packages.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

08-09-21 2315ET