Prices for WTI Oil to Fall by $90 from Second Quarter of 2008 – American Expert

Oil&Gas Materials 1 February 2008 16:59 (UTC +04:00)

Azerbaijan, Baku, 1 February / Trend corr. A.Badalova /Recent reduction of the United States federal reserve system discount rate by 0.75% could not stabilize the state at the oil market. The participants are concerned about the possible recession of US economy, which will lead to decrease of oil demand.

"US economic rise is 1.6% in 2008. In 2007, the figure totaled to 2.1%," Jonathan Cogan, the expert of US Energy Ministry Energy Information Agency (EIA), stated to trend on 1 February.

As for EIA, the oil price will fall in 2009, as well as in most half of 2008 at the oil market. The prices for the American WTI oil will fall from the second half of 2008.

"WTI price will amount to $92.33 per barrel in the first quarter of 2008. And the price will fall to $89 from the second quarter of 2008," Cogan stated.

The oil price fell for the first time from 23 January. March futures on the American light oil decreased by 69 % to $91.06 per barrel. Futures for Brent oil fell by 68 % to $91.53per barrel.