U.S. Bank Cuts Oil Prices Forecast in 2009
Azerbaijan, Baku, 15 October / Trend corr.A.Badalova /The New York based JP Morgan bank has cut the oil prices forecasts to $79 per barrel in the fourth quarter in 2008 and to $74.75 per barrel in 2009.
The forecast depicts weak economy, expensive loans, as well as restoration of deliveries to non- OPEC countries.
In accordance with bank's forecasts, the average price of the American WTI in 2008 will total $104,71per barrel. The maximum prices in 2009 will touch $79 per barrel in the Q4, and minimum - $70 in the second quarter.
JP Morgan reports that the global economy is in the state of recession, which may last until the fist quarter of 2008.
The GDP growth, under the report, was cut to 2.1% in 2008 and to 0.9% in 2009.
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