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Oil price to top $50 per barrel in 2010: JP Morgan

Oil&Gas Materials 24 January 2009 12:24 (UTC +04:00)

Azerbaijan, Baku, Jan. 24 / Trend , A.Badalova/

The average price on WTI crude oil will hit $55 per barrel in 2010, JP Morgan said. "There are signs that while the financial system is under pressure, the commodity markets and particularly the oil market will acquire a balance by reducing supplies," JP Morgan told Trend . The highest price on oil in 2010 will occur in the third and fourth quarters at $60 per barrel. The lowest price will be observed in the first and second quarters at $50 per barrel. The average price on WTI will hit $43.25 per barrel in 2009 and $38 per barrel in the first quarter of 2009. Analysts says the average price on Brent will reach $43.75 per barrel in 2009, $50 per barrel in the fourth quarter and $55 per barrel in 2010.

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