Baku, Azerbaijan, Jan.5
By Leman Zeynalova – Trend:
World oil prices are expected to surpass $60 per barrel in the first quarter of 2018, according to the forecasts of the UK Capital Economics consulting company.
The analysts of the consulting company expect the price of Brent crude oil to stand at $53 per barrel in the first quarter of 2017 and $55 per barrel in the second quarter of 2017, respectively.
This is while the Brent crude oil prices will reach $58 per barrel and $60 per barrel in the third and fourth quarters of 2017, respectively and rise to $62 per barrel in the first quarter of 2018, according to Capital Economics.
The consulting company expects the same figures for West Texas Intermediate (WTI) oil as well. Oil prices jumped at the start of December 2016 as OPEC agreed to cut oil production by almost 1.2 million barrels per day.
Prices continued to rise throughout the rest of the month as some non-OPEC countries also agreed to reduce output.
The Brent benchmark rose from around $57 per barrel to over $58 per barrel on Jan.3, reaching the highest level since July 2015.
WTI crude went past the $54 per barrel and $55 per barrels marks before hovering at just below $55 per barrel after an almost 2.3-percent rally.
---
Follow the author on Twitter: @Lyaman_Zeyn