Oil Prices to Hover over $100/barrel for Several Months – American Analyst
Azerbaijan, Baku, 18 April / Trend corr A. Badalova/ US State-run Energy Information Agency (EIA) still believes that oil prices are high due to global demand growth significantly greater than non-OPEC supply growth.
Doug MacIntyre, EIA senior oil analyst, said to Trend on 17 April that EIA forecasts oil prices should remain above $100 per barrel for at least the next several months.
"We do feel that the global market will remain tight and oil prices should remain above $100 per barrel for at least the next several months," he said.
On 17 April, world oil prices again struck a new record exceeding $115 per barrel. The May light oil futures at the New-York Commodity Exchange rose by $1.14 to $114.93 per barrel. The May Brent oil futures in London rose by $1.02 to $112.60 per barrel. According to a range of experts, the cause for the rise in oil prices is the weakening of the dollar and reports by the American Government on declining crude oil stores.
According to recent EIA forecasts, the average price for American WTI oil will make up $100.79 per barrel in the H2 2008. The average price for oil will drop by $8.11 per barrel to $92.5 per barrel in 2009, while in 2008 is $100.61 per barrel.
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