Azerbaijan, Baku / Trend corr A. Badalova / Oil prices will drop, according to Alfa Bank's oil analyst, Konstantin Batunin. According to him, the situation this year resembles the situation of the previous year.
"As for long-term trend for Brent oil grade, we forecast the price to make up $50 per barrel," he said.
"It would be logically to presume that oil price will drop. The same situation occurred a year ago when oil price increased and almost reached the today's prices. Later the price dropped from $80 to $50 per barrel," the analyst said on 14 September.
Oil prices in US auctions increased to $80 per barrel. In the beginning of 2007 oil prices increased by 31%. For the first time in the history of US stock exchange the price for 1 barrel of oil comprised $80. In New-York prices for oil and oil products are still rising due to Umberto Hurricane which befell Texas and touched three oil-refineries.
The analyst connects rise in oil prices with the decision made in Vienna at the meeting of oil exporting countries on 11 September. "Partially the rise in prices is connected with the decision made at the last OPEC meeting to increase the quote for oil production not by expected 1mln barrels per 24 hours, but by 500,000 barrels," Batunin said.