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British Capital Economics forecasts oil price at $40 per barrel in next two years

Oil&Gas Materials 2 February 2009 14:26 (UTC +04:00)

Azerbaijan, Baku, Feb. 2/ Trend , A. Badalova/

British Capital Economics said prices on northern Brent oil will be $40 per barrel on average in 2009.

The price will remain unchanged in 2010.

Quotations for March futures on Brent oil increased $0.19 and hit $45.71 per barrel over the weekend.

Oil quotations continued to develop positively on Feb. 2.

The company's analysts said the price on gold will fall due to credit risks as oil prices slightly increase.

Capital Economics also projected gold prices at $700 per ounce in 2009 and 2010.

Gold prices averaged $800 per ounce in the first quarter of 2009.

On Jan. 30, gold prices increased $22.2 per ounce on NYMEX, which is the highest figure since July 2008. Gold prices increased 3.5 percent this week and 4.9 percent this month.

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