Azerbaijan, Baku, Feb. 17 / Trend A. Badalova /
Oil prices have risen on world markets this week amid signs of an improving economic situation in the United States.
After an auction on Tuesday, Feb. 16, oil prices have risen with more than 4 percent.
April futures for Brent North Sea oil Brent on the London Stock Exchange increased by $3.17 to $75.68 per barrel. The cost of the March futures on U.S. crude WTI on the New York Mercantile Exchange increased by $2.88 to $77.01 per barrel.
Oil prices should remain near their current levels throughout 2010, aided by a stronger global economy and Opec production quota discipline, BP Chief Economist Christof Ruhl said.
But he has not ruled out a slight increase in prices.
Energy Intelligence Group reported that production cuts made by Opec have stabilized crude oil prices last year.
OPEC meeting will be held in Vienna on March 17. According to analysts, today's oil prices fully satisfy OPEC members, so they will not change the quota.
Looking to 2011 and beyond, Ruhl said it is "very dubious" whether growth rates in the global economy will return to levels seen before the financial crisis, while structural issues facing the oil industry provide further uncertainty.
U.S. analysts also do not expect significant growth in world oil prices in the short-term. JPMorgan analysts forecast average price of WTI and Brent crude oil this year to be $78.25 per barrel.
The U.S. Energy Information Administration (EIA) also expects the price for WTI to be at a level close to the present in the next few months. In February and March, EIA expects the price of a barrel to at $76 a barrel and by the end of spring $82 per barrel.
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