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U.S. sees oil prices rise in 2010

Oil&Gas Materials 11 February 2009 16:54 (UTC +04:00)

Azerbaijan, Baku, Feb. 11 / Trend , A.Badalova/

The U.S. Energy Information Administration (EIA) forecasts an average price on U.S. WTI light oil at $55 per barrel in 2010.

Over the past 6 months, prices on WTI have fallen from $133 per barrel in July to $41 in December and January. According to the EIA, the average price on WTI will hit $43 per barrel in 2009.

After the Feb. 10 auctions, prices on WTI futures contracts with delivery hit $37.55 per barrel at the New York Mercantile Exchange (NYMEH) the following day - a $2.01 fall.

The rapid recovery of the world economy, low production in non-OPEC countries and OPEC's aggressive actions to decrease oil output may quickly stabilize oil prices, the EIA reported.

The EIA is a statistical agency of the U.S. Energy Department.

It was established by Congress in 1977.

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