Baku, Azerbaijan, Oct. 20
By Aygun Badalova - Trend:
Oil prices will gradually rise in the mid-term perspective, reaching $70 per barrel in 2020, analysts of the British economic research and consulting company Capital Economics forecast.
Analysts expect WTI-Brent spread to vanish in 2017 with the price for the both benchmarks to reach $65 a barrel.
In 2015 analysts forecast Brent average price at $55 a barrel, WTI average prices - at $50 a barrel. In 2016 Brent and WTI prices, according to the analysts' expectations will reach $60 and $55 a barrel respectively.
OPEC Basket price is forecasted at $57 a barrel in 23016, $62 a barrel in 2017 and $70 a barrel in 2020.
U.S. Energy Information Administration's (EIA) in its latest forecasts said Brent crude oil prices will average $54 a barrel in 2015 and $59 a barrel in 2016 while WTI crude oil prices will average $50 a barrel and $54 a barrel this and the next year respectively.
North Sea Brent crude oil prices averaged $48 a barrel in September, a $1 per barrel increase from August.
Oil prices were largely lower Tuesday as investors expected little action from oil producers meeting this week to alleviate the global supply glut, the Wall Street Journal reported.
Brent crude fell 0.5 percent to $48.37 a barrel on London's ICE Futures exchange. On the New York Mercantile Exchange, WTI futures were trading down 0.1 percent at $46.25 a barrel.
OPEC will hold a technical meeting of oil experts in Vienna on October 21. Eight non-OPEC countries - Brazil, Colombia, Azerbaijan, Kazakhstan, Norway, Mexico, Oman and Russia have been also invited to participate in the meeting.