Oil Prices to Decrease Significantly in 2013: Analytic of ATON Broker
Azerbaijan, Baku /corr. Trend A.Badalova / Oil and gas analytic of ATON Broker, Artem Konchin, forecasts that the Brent Dated oil prices may total $72 per barrel in 2008.
"We are forecasting that next year the Brent Dated oil prices will decrease to $72 per barrel. But the main fact is the decrease of the prices up to $50 per barrel [it is expected] which will take place in 2013," the analytic said on 18 September by telephone.
The prices for the raw oil increased up to record figures $80.5 per barrel. The October contract for the delivery of WTI oil rose for the 11th time over the recent 11 sessions in New York commodity exchange NYMEX. On 17 September the contract increased up to $80.57 per barrel establishing the next historical maximum. During the trades, the price reached $80.7 per barrel. The cost of the November deliveries of Brent oil increased in the inter-continental exchange in London by 0.7% and totaled $76.73 per barrel.
The British media sources reports the US investment bank Goldman Sachs increased the forecasted figures with regards to possible oil prices for the end of this year from $72 to $85 per barrel and determined the rate of 'high range of risk' at more than $90.
The analytic of ATON Broker said that there are several reasons for the increase in oil prices. "The reasons include the increase of consumption in developing countries like China and India, political instability in Iran and Iraq, delay with increase of production in Russia, as well as OPEC's wish to increase the production more than a certain level to avoid a price fall which has been defined at nearly $70 per barrel," the analytic said.