Oil Prices to Decrease by End of Year: Analyst
Azerbaijan, Baku /corr. Trend A.Badalova / The oil and gas analyst of Antanta Capital, Timur Hayrullin, said that by the end of the year, the oil prices will decrease by $10.
The oil prices decreased in the leading oil exchanges. The Brent oil prices decreased up to $91.33 per barrel. The drop in the oil prices was caused by the decrease in International Energy Agency's forecasts regarding world oil demand.
"The drop of the oil prices was led by the slowing down in the growth rates of the US and world economies," the analyst said. According to him, the factor of drop may be the normalization of the situation in the instable regions ( Iran, Iraq, Nigeria) and decrease of the interests of hedge-exchanges in the market of oil futures.
Since the beginning of the year, the oil prices increased by 50% and reached record cost in $98 per barrel.
The analyst said that the stable growth of the oil demand of China, weakening of the dollar and OPEK's efforts to maximize oil revenues may assist in maintaining the oil prices at high level.